Question
According to Section 203 of the Companies Act, 2013,
read with Rule 8 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, which class of companies (other than listed companies) is mandatorily required to appoint Whole-time Key Managerial Personnel?Solution
This provision is governed by Section 203 of the Companies Act, 2013, along with Rule 8 of the relevant rules. 1. The Statutory Requirement (Section 203(1)) Every company belonging to such class or classes of companies as may be prescribed shall have the following whole-time Key Managerial Personnel (KMP):
- (i) Managing Director, or Chief Executive Officer or Manager and in their absence, a Whole-time Director;
- (ii) Company Secretary; and
- (iii) Chief Financial Officer.
- Every Listed Company (regardless of capital).
- Every other Public Company having a paid-up share capital of ₹10 Crore or more .
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