24 June 2013
Respected profesional experts, Resolution for appointment of new managing director in case old managing director died.my opiniion is same treatment of cauasual vaccancy by death of director according to section 262 of the companies act 1956. can you help me draft suitablble resolution for appointment of managing director in cause of death of old manaaging director.
25 June 2013
1. Ist the Company should be Public Ltd to have the provisions enforceable on it, Pvt Company will go as per their article.
If the company is Public then-
1. The original Director had to be appointed in General Meeting.
2. The director so appointed shall hold office till the term of original director.
This is what this section 262 says...
But my view is on MD is as below:
MD has to be first appoint as Director and then MD..
MD is having a superior position in company. He should not be appointed u/s262 rather by passing a resolution u/s 269 and that too can be in BM itself.
CAclubindia
