Company audit
This query is : Resolved
03 September 2013
What is the mean of appoijtment of nominee director u/s 408 to end the oppression or mismanagement?
CA Vijeta Verma
(Expert)
04 September 2013
see when there is a deadlock in the management of the company ,generally central government appoints its own directors(known as nominee directors) who will work in the best interest of the company and will report to the central government.They are not liable to retire by rotation.further any obligation as is applicable on other directors of the company will not be applicable on them if it is contradictory to the directions of government.In a way they hold more weightage then other directors.
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