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Can a CFO be appointed as CS also in the same Company?

Section 203- Appointment of key managerial personnel.

Posted By: Kamdhenu ispat limited 9 year(s) ago

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    Charu Khatri

Although there is no explicit restriction under the Companies Act, 2013 for appointment of the same person as CS and CFO, however, if we peruse Section 203 carefully, it mentions appointment of "Whole-time Key Managerial Persons". If a person is appointed in the capacity of CFO and CS, then will it be fair to assume that he is carrying out both functions whole-time? With this interpretation, i think the same person cannot be appointed as CFO and CS of a Company.

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    Nilesh Patel

In my opinion you cannot appoint same person as CFO and CS. As per 203(3) whole time KMP cannot hold office in more than one company except its subsidiary at the same time.

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    Akansha

One person can be appointed as CS and CFO at the same time as there is no restriction being imposed in the Act but as per the spirit of section 203 it is advisable to appoint different person in single capacity as a CS, CFO or WTD.

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