How do the Companies (Specification of Definitions Details) Rules, 2014 define an "executive director"?
Question and options
How do the Companies (Specification of Definitions Details) Rules, 2014 define an "executive director"?
A director nominated by a lender to the company
A key managerial person who is not a director
A whole-time director of the company
Any director who is not an independent director
Answer and explanation
Rule 2(1) of the Companies (Specification of Definitions Details) Rules, 2014 defines an executive director as a whole-time director within the meaning of section 2(94) of the Companies Act, 2013. A director is not executive merely because the director is not independent; non-independent directors may be non-executive.
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