1)every company is required to hold its first board meeting within 30days from the day of its incorporation so if company called first board meeting within 30 days & adjourned the meeting for want of quorum so whther it is a violation of 173????
2) if company appoint 2 managing director whether company can declare that one of MD as kmp and other as non kmp or both will be treated as kmp??
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Board meeting&kmp
Replies (1)
As per Section 173(1), the newly incorporated Company shall hold the Board Meeting within 30 days from the date of Incorporation of the Company and if due to lack of quorum if meeting is adjourned then such board meeting should have been held within the timeframe of 30 days only.
Secondally, as per Section 203, read with Rule 8, if the Company is Public Company and has the paid up share capital of Rs. 10 crore Rupees or more than even if the Company is appointed 2 managing Director, both should be given designation as KMP.
But if it is the private Company then none of the managing Director should be given designation as KMP as provision of KMP is not applicabe on Private Limited Company.
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