Under Section 203 of the Companies Act, 2013, an individual shall not be appointed or reappointed as the chairperson of the company, in pursuance of the articles of the company, as well as the managing director or chief executive officer of the company at the same time, unless -

Explanation: Section 203(1) provides that every company belonging to the prescribed class or classes of companies shall have the following whole-time key managerial personnel, namely, the managing director, or chief executive officer or manager and in their absence a whole-time director, the company secretary and the chief financial officer. The first proviso to the sub-section provides that an individual shall not be appointed or reappointed as the chairperson of the company, in pursuance of the articles of the company, as well as the managing director or chief executive officer of the company at the same time, unless the articles of such a company provide otherwise, or the company does not carry multiple businesses.