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of <h1>Section 203: mandatory whole-time key managerial personnel, board-approved appointments, single-office rule, six-month vacancy limit, penalties</h1> Section 203 mandates specified classes of companies to appoint whole-time key managerial personnel, including a managing director, Chief Executive Officer or manager (or in their absence, a whole-time director), a company secretary, and a Chief Financial Officer. One individual generally cannot be both chairperson and managing director or Chief Executive Officer, subject to exceptions for articles, single-business companies, and notified multi-business companies with multiple Chief Executive Officers. Appointments must be by board resolution specifying terms and remuneration. Whole-time key managerial personnel may not hold such office in more than one company, with limited exceptions, and vacancies must be filled within six months. Non-compliance attracts monetary penalties on the company and defaulting officers.
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