Employee be appointed as a director in private unlisted co?
This query is : Resolved
Siva Sunder
(Querist)
29 April 2019
Hello. I own a private unlisted company with only myself and my wife as equal shareholders. I have a colleague who was my equal partner in a partnership firm which we liquidated and shared the proceeds. Can I take him as a Director in my company. He will continue to work in the same role that he does now. Do I need give him a share of my holdings as he does not want to make any investments whatsoever?
CA R SEETHARAMAN
(Expert)
29 April 2019
You can designate him as Director and keep him as employee and not on the Board of the company. Share holding is required for company board of directors.
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