11 November 2009
An individual who is citizen of India has been abroad for employment purposes with our company in its overseas branch. We intend to appoint him as Managing Director of our company in India.
As per Schedule Xiii PArt I and II, the person should be a resident of India and living in India for more than 12 months preceding the date of his appointment.
should we have to seek Central Government approval for his appointment or can he be appointed by a resolution of the BoD and ratified in the EoGM by the shareholders
12 November 2009
Since in your case , the appointment of MD is in contravention of Part I & II of Schedule XIII of the Act, you will have to take approval of Central Govt in the prescribed form as per section 269 of the Act.
CAclubindia
