08 August 2013
What all procedures are required to be followed for re-appointment of Joint managing director and Executive director at the expiry of their term? Whether form-32 is again required to be filed along with form-25C and if yes then within what time?
There is no provision under companies Act, 1956 which is talking about joint MD.The Act does not recognise a "joint managing director". The designation would be misleading if the incumbent is not a director.
However, if the person concerned is in fact not a director and is not occupying the position of a managing director, manager or holding other managerial office, his remuneration would be outside the scope of section 198.
So as per my views there is no need to comply any provision except approval of the Board for their extention of tenure.
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