Which matter does section 203 of the Companies Act, 2013 govern?
Question and options
Which matter does section 203 of the Companies Act, 2013 govern?
Appointment of independent directors
Appointment of additional and alternate directors
Appointment of whole-time key managerial personnel
Appointment of the first auditor of a company
Answer and explanation
Section 203 of the Companies Act, 2013 requires prescribed classes of companies to have whole-time key managerial personnel (a managing director or chief executive officer or manager, a company secretary and a chief financial officer) and sets the rules on their appointment and on filling vacancies. Independent directors are governed by section 149, additional and alternate directors by section 161, and the first auditor by section 139(6).
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