Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Private companies becoming public u/s 43A need approval for new directors and must manage loans within six months.</h1> A private limited company becoming a deemed public company under section 43A does not require Central Government approval for current managing or whole-time directors, but approval is needed for future appointments. If the appointment is indefinite, it is assumed to last five years from the transition date. In cases of inadequate profit, companies must seek approval for minimum remuneration under section 198(3) within a reasonable time. For loans exceeding section 370(1) limits, companies must recover or withdraw them within six months of becoming a public company.
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