https://www.taxtmi.com/circulars?id=11020 Conditions for appointment of managing or whole-time directors are required to be satisfied only at the time of appointment; subsequent non compliance during tenure does not necessitate Central Government approval. Profit-related eligibility under clause (f) requires adequate net profits computed under sections 349-351 in the immediately preceding year or in any three of the four years prior; if profits are inadequate or cannot be computed, Central Government approval is required. Depreciation for profit computation is determined by the written down value method at Schedule XIV rates, applied to assets as shown in the books at year end. en-us Thu, 13 Apr 1989 00:00:00 +0530 Mon, 20 Jun 2011 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=11020 Conditions for appointment of managing or whole-time directors are required to be satisfied only at the time of appointment; subsequent non compliance during tenure does not necessitate Central Government approval. Profit-related eligibility under clause (f) requires adequate net profits computed under sections 349-351 in the immediately preceding year or in any three of the four years prior; if profits are inadequate or cannot be computed, Central Government approval is required. Depreciation for profit computation is determined by the written down value method at Schedule XIV rates, applied to assets as shown in the books at year end. Circulars Companies Law Thu, 13 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11020