Query 1: Can a minor be appointed as a director in public company / pure private company ?
Query 2 : Can a manager and MD co-exist simultaneously in a pure private company ?
Query 3 : Can a company issue unsecured debentures ? if yes, how ?
Query 4 : Do executive director comes into the ambit of "managerial person" for determining managerial remuneration ?
Answers with relevant provisions and case laws will be appreciated.
thanks in advance.
1. No…lack of contractual ability prevents a minor to become a director. Being a responsible designation a director must have power to enter into contrant. Further ROC will not accept DIN form for minor and appointment of director without DIN is impossible.
2. No…refer section 197A
3. yes…but not very sure…however adoption of section 117 to 119 is necessary.
4. Not necessarily…however managerial personnel term includes MD, WTD and the Manager read with section 269..
Wait for other expert opinions…
Regards
CAclubindia
