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CS Executive · Company Law and Practice · Key Managerial Personnel and their Remuneration

Whole-time Company Secretary Meera Iyer of Kaveri Foods Ltd resigns on 1 March. The company has not yet found a replacement. Within what time must the Board fill the vacancy under Section 203?

The Board must fill the vacancy at a Board meeting within six months from the date the office of the whole-time KMP fell vacant. This is laid down in Section 203(4); the thirty-day period relates to filing a return with the Registrar.

  1. AWithin thirty days from the date of vacancy, by a general meeting
  2. BWithin three months, by circulation
  3. CWithin six months from the date of vacancy, at a Board meetingCorrect
  4. DWithin one year, by members' resolution

Explanation

Section 203(4) provides that a vacancy in any whole-time KMP office shall be filled by the Board at a Board meeting within six months from the date of the vacancy. Thirty days is the period for filing the return with the Registrar under Section 170, not for filling the vacancy.

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