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of <h1>Key Managerial Personnel Rules: Section 203 Requires Appointment of CEO, CFO, and Secretary with Specific Restrictions</h1> Section 203 of the Companies Act, 2013 mandates that specified classes of companies must appoint key managerial personnel, including a managing director or CEO, company secretary, and CFO. An individual cannot simultaneously be the chairperson and managing director or CEO unless the company's articles allow it or the company operates in multiple businesses with separate CEOs. Appointments must be made by a Board resolution detailing terms and remuneration. Key managerial personnel cannot hold similar positions in more than one company, except subsidiaries, and must choose one company within six months if holding multiple positions at the Act's commencement. Vacancies must be filled within six months. Non-compliance results in financial penalties for the company and responsible individuals.
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