Key managerial vacancies must be filled promptly, with limited extensions only where regulatory approvals are required.

Vacancies in offices of Key Managerial Personnel (CEO, MD, Whole time Director, Manager) and Chief Financial Officer must be filled ordinarily within three months, or within six months where regulatory or governmental approvals are required; interim appointments are prohibited unless made in accordance with laws applicable to fresh appointments. For entities with approved insolvency resolution plans, such vacancies must be filled within three months of plan approval, and the entity must maintain at least one full time KMP managing day to day affairs in the interim.

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