What is the limitation to be a managing directors?
is an undischarged insolvent, or has at any time been adjudged an insolvent suspends, or has at any time suspended, payment to his creditors or makes, or has at any time made, a composition with them is, or has at any time been, convicted by a Court in India of an offence involving moral turpitude. Every public company or a private company which is a subsidiary of a public company, having a paid up share capital of Rs. 5 crores or more must have a managing director or wholetime director or manager. Appointment of managing director or wholetime director or manager of a public company or a private company which is a subsidiary of a public company requires the approval of the Central Government unless the appointment is in accordance with the conditions specified in Schedule XIII of the Companies Act, 1956 and a returm in Form 25 C is filed within 30 days of appointment. Application for approval must be made to the Central Government if Form 25 A within 90 days of appointment. The Central
