A Pvt Ltd is a closely-held private company controlled by two branches of a family. It has six directors. The company’s business is carried on from four locations and each of them is a self-sustained unit. It is therefore thought that each of the four units be headed by one director who would be designated as managing director. All the four managing directors would have equal powers in relation to the unit headed by him and the central office would be controlled and supervised by the chairman who would also be designated as managing director. All the four managing directors would draw equal remuneration and the chairman would draw higher remuneration. The company seeks your advice as to how the proposed plan should be carried out, what compliances are required and whether any changes in the articles of association are required to be effected
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