16 September 2010
Yes. In the same meeting the Board can appoint the person as an additional director. After the business of addl. director, the Board should take up the business of appointing that person as MD. However, the approval of the Members in the subsequent GM is to be taken . Also check up whether the the remuneration to be paid to him is whin the limit of Schedule XIII. Further, the addl. director retires at the immediately due AGM. Hence, in the AGM , he should be appointed as a regular director and then only he can contine as MD.
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