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312 Points
Joined April 2008
yes right, but with due respect, this section doesn't restrict managing directorship in private companies
For unanimous approval* of the board :-if he is seeking second appointment in a public company then an unanimous approval is needed even if the first company(in which he is appointed already) is private or public
*(unanimous approval means all the director present shall vote in favor of the decision and if even one member doesn't vote resolution can't be passed)
For govt approval :-for 2 or more public companies qovt approval is needed
and there is no restriction placed by section 316(the section is silent in this case) in case of private company if all the companies are private