Change in Designation
This query is : Resolved
28 November 2010
while passing a resolution is it compulsory to mention the period of service and whether MD can not be appointed permanantly
udit sharma
(Expert)
29 November 2010
Hi..
As per the provisions of section 317 of the Companies Act, 1956 a Director can be appointed as a Managing Director for a term not exceeding 5 years at a time.
Yes, the resolution appointing the MD should specify the period for which he is appointed as such, and
provisions of section 317 are not applicable to an Independent Private Company, hence a Private Company which is not a subsidiary of a public company can appoint a Director as MD for a period exceeding 5 years at a time....
Hope this solves your query
God Bless
Udit Sharma
As per the provisions of section 317 of the Companies Act, 1956 a Director can be appointed as a Managing Director for a term not exceeding 5 years at a time.
Yes, the resolution appointing the MD should specify the period for which he is appointed as such, and
provisions of section 317 are not applicable to an Independent Private Company, hence a Private Company which is not a subsidiary of a public company can appoint a Director as MD for a period exceeding 5 years at a time....
Hope this solves your query
God Bless
Udit Sharma
Ajay Mishra
(Expert)
29 November 2010
Hi
Agreed with Mr Udit.
Agreed with Mr Udit.
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