Companies Act, 1956

[SCHEDULE XIII

[See sections 198, 269, 310 and 311]

CONDITIONS TO BE FULFILLED FOR THE APPOINTMENT OF A MANAGING OR WHOLE-TIME DIRECTOR OR A MANAGER WITHOUT THE APPROVAL OF THE CENTRAL GOVERNMENT

[PART I

APPOINTMENTS

No person shall be eligible for appointment as a managing or whole-time director or a manager (hereinafter referred to as managerial person) of a company unless he satisfies the following conditions, namely :—

(a)  he had not been sentenced to imprisonment for any period, or to a fine exceeding one thousand rupees, for the conviction of an offence under any of the following Acts, namely :—

  (i)  the Indian Stamp Act, 1899 (2 of 1899),

 (ii)  the Central Excise Act, 1944 (1 of 1944),

(iii)  the Industries (Development and Regulation) Act, 1951 (65 of 1951),

(iv)  the Prevention of Food Adulteration Act, 1954 (37 of 1954),

(v)  the Essential Commodities Act, 1955 (10 of 1955),

(vi)  the Companies Act, 1956 (1 of 1956),

(vii)  the Securities Contracts (Regulation) Act, 1956 (42 of 1956),

(viii)  the Wealth-tax Act, 1957 (27 of 1957),

(ix)  the Income-tax Act, 1961 (43 of 1961),

 (x)  the Customs Act, 1962 (52 of 1962),

(xi)  the Monopolies and Restrictive Trade Practices Act, 1969 (54 of 1969),

(xii)  the Foreign Exchange Regulation Act, 1973 (46 of 1973),

(xiii)  the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986),

(xiv) the Securities and Exchange Board of India Act, 1992 (15 of 1992),

 (xv) the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);

(b)  he had not been detained for any period un .... To read the full section download the app from Google Play store