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<h1>Appointment of key managerial personnel: mandatory KMP roles, Board resolution appointments, vacancy timelines and penalties apply.</h1> 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.