Dear all,
A pvt co is going to be converted into a LLP. The Managing Director of the pvt co is already a MD in one another company(apart from this co), and consequently has exhausted the limits of being MD in two cos as per Companies Act. He is also the shareholder of that Company.
Now i would like to know if he can become the designated partner of proposed LLP without contravening any provisions. If so can anyone pls hghlight the provisions.
Read section 269. It doesnt apply to pvt companies. So in your case he can be designated partner in LLP.
Vil ur answer be different if a person is already MD in two listed cos?
yes it will differ in case of listed one.
thanks for ur view but can u pls provide me with the details of the sections where this kind of issue is dealt with either in companies act or llp act?
CAclubindia
