Timeline for appointment of KMP

[Manish S]

Dear All,

Can anyone confirm what is the timeline to appoint KMP once the condition specified in Section 203 is meet because nothing is stated in Section.

[Manish S]

Can anyone explain.

[CS Vinod Sinsinwar]

“Text of section 203 (4) of the Companies Act, 2013 is as follows-

 

“if the office of any whole-time key managerial personnel is vacated, the resulting vacancy shall be filled- up by the Board at a meeting of the Board within a period of six months from the date of such Vacancy. ”

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Best Regards,

CS Vinod Singh

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[Manish S]

Yes Sir, the timeline specified is with respect to casual vacancy but my question is if the paid-up capital condition is fulfilled today what is the timeline to appoint KMP this is not specified in Section 203.

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[CS Vinod Sinsinwar]

Mr. Manish,

"within a period of six months from the date of such Vacancy has arisen".

As per my opinion , when the criteria has been met as per applicable provisions of the CA, 2013, then vacancy deemed to have arisen.

You need to appoint the KMP within stipulated time.

Regards

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[Ashish Gupta]

Smr. Manish

as the language is silent, as a practice, in one of our case, we took it as "To fill within 30 days from the date of cause of action arisen", as 6 months is for subsequent appointment and not for first vacancy

thanks

 
AKG & CO
COMPANY SECRETARIES
FCS Ashish Gupta

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UDIN: F006433E003422956

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