A whole time director under companies act,2013

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2014 Please elaborate whether as per the New Act, is it Compulsory to Appoint a Whole Time Directors and Whether the presents existing Directors require to submit their Consent afresh to continue as Directors. Please clarify the procedures on both the Queries.

With Thanks

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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24 September 2014 Section 203 of the Companies Act, 2013 read with Rule 8 mandates the appointment of Key Managerial Personnel and makes it obligatory for a listed company and every other public company having a paidup
share capital of rupees ten crores or more, to appoint following
whole-time key managerial personnel:
(i) managing director, or Chief Executive Officer or manager and in their absence, a whole-time director;
(ii) company secretary; and
(iii) Chief Financial Officer:

No need for exisitng directors to submit their consent afresh to act as a direcor. However in case of re-appointment or fresh appointment a person appointed as a director shall on or before the appointment give his consent to hold the office of director in physical form DIR-2 i.e. Consent to act as a director of a company. Company shall file Form DIR-12 (particulars of appointment of directors and KMP along with the form DIR-2 as an attachment within 30 days of the appointment of a director,necessary fee. {Rule8}

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