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A group having all pvt limited companies which are not subject to the mandatory appointment of KMP wishes to appoint WTD/MD and pay remuneration to all the directors. Reading of Sec 2(94) and Sec 203(3) gives us the understanding that a WTD cannot be appointed as executive director in more than one company. This means he can neither be a WTD or MD in one other company. However a person designated as MD can be MD in one other company. Under these circumstances can all the persons on the Board of pvt limited companies be designated as MD so that it will provide scope for the appointment of such persons as MD in one another company? By appointing a person as WTD, the company will not have the option of appointing him as executive director in the other companies, necessitating the company to induct new members into the Board.

Section 203- Appointment of key managerial personnel.

Posted By: Latha 10 year(s) ago

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Since the section 203 itself is not applicable to private limited companies. The restriction prescribed for WTD/ED is also waived from applicability.

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Pramod Prabhudesai
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