Appointment of md

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SEBI GEORGE

SEBI GEORGE (Querist)
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09 May 2012 Loan of the company is defaulted and become NPA. Is the bank has any say in the appointment of MD

Ajay Mishra

Ajay Mishra (Expert)
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10 May 2012 Hi

If you are not maid any default in repayment of any of its debt(including public deposit) or debentures or interest payable thereon for a continues period of 30 days in the preceding year before the date of appointment , then you can not appoint him/her as MD unless you made correct such default.

This provision will not apply to private company unless it is subsidiary of public company.

Regards

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