Sec 300

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Vignesh (Querist)
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29 December 2009 Sir,
A Ltd., has Mr.1(Managing Director)(Mother), Mr.2(Daughter) and Mr.3(Son) as Directors.

Now Mr.2 is proosed to be appointed as Managing Director.

Can the said appointment be made. Does this appointment non-compliance of Sec 300.

Mr.1 holds 94 shrs MR.2 and Mr.3 hold 1 share each , no share qulaifiacation in articles.

Kindly clarify.

Ankur Garg

Ankur Garg (Expert)
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29 December 2009 Mr. 2 should not participate in the BM appointing her as MD. Rest is fine.

As your company is a public company so compliance with section 269 read with sch XIII is necessary.

Regards

Ankur Garg

Ankur Garg (Expert)
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29 December 2009 Do not forget to file form-32 for appointment as MD with in 30 days along with form-25A or 25C as the case may be as desired by section 269.

Also file another form-32 for change in designation of Mr. 1.

Also check my 2 articles:

1. Appointment of Managerial Personnel Analysis Part-I

https://www.caclubindia.com/articles/article_list_detail.asp?article_id=3368

2. Appointment of Managerial Personnel Analysis Part-II

https://www.caclubindia.com/articles/article_list_detail.asp?article_id=3392

Regards

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