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        Companies Law

        Section 203 - Appointment of key managerial personnel

        Companies Act, 2013
        Chapter XIII
        APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL

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        Appointment of key managerial personnel: mandatory KMP roles, Board resolution appointments, vacancy timelines and penalties apply. Section 203 requires prescribed companies to appoint whole time key managerial personnel-managing director/CEO/manager (or whole time director), company secretary and Chief Financial Officer-by Board resolution stating terms and remuneration; restricts holding of whole time KMP offices to one company except subsidiaries with transitional regularisation rules; mandates Board filling of vacancies within six months; and prescribes penalties for noncompliance including daily continuing default charges up to a capped amount.
                      Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                      Provisions expressly mentioned in the judgment/order text.

                          Appointment of key managerial personnel: mandatory KMP roles, Board resolution appointments, vacancy timelines and penalties apply.

                          Section 203 requires prescribed companies to appoint whole time key managerial personnel-managing director/CEO/manager (or whole time director), company secretary and Chief Financial Officer-by Board resolution stating terms and remuneration; restricts holding of whole time KMP offices to one company except subsidiaries with transitional regularisation rules; mandates Board filling of vacancies within six months; and prescribes penalties for noncompliance including daily continuing default charges up to a capped amount.


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