Hello everyone
I had a quick question, can a minor (17 of age) be appointed as a CEO/CFO/COO or a MD in a Pvt Ltd company ?
I know about the DIN and age limits for a Director is minimum 18 but can't find anything related to other positions.
Come clarifications would really help.
Thanks
Also read something here
https://www.mca.gov.in/Ministry/reportonexpertcommitte/chapter4.html
Age limit for Directors
7.1 No age limit need be prescribed as per law. There should be adequate disclosure of age in the company’s documents. It should be the duty of the Director to disclose his age correctly. 7.2 In case of a public company, appointment of directors beyond a prescribed age say 70 years, should be subject to a special resolution by the shareholders which should also prescribe his term. Continuation of a director above the age of 70 years, beyond such term, should be subject to a fresh resolution.
According to Constract Act 1872, the minor is not competent to contract,
Being as CEO, CFO, COO and MD of company, you need to enter into contract with several parties so that the minor is not eligible to be CFO, CEO, COO and MD since minor is not competent to contract.
According to Schedule XIII of Companies Act 1956 part I, (xv) (c), one of eligible criteria for appointing as Managing Director
He has completed the age of 25 years and has not attained the age of 70 years:
Provided that where-
i. he has not completed the age of 25 years, but has attained the age of majority, or
ii. he has attained the age of 70 years; and where his appointment is approved by a special resolution passed by the company in general meeting, no further approval of the central goverment shall be necessary for such appointment.
Schedule XIII is not applicable to Private Companies.
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