Whether Government approval necessary in the case of managing/whole‑time director of private company before its conversion into public company - Companies Law - Letter : No. 8/11/43A/61-PR

Letter : No. 8/11/43A/61-PR-dated 25-1 ‑ 1961. Subject: Whether Government approval necessary in the case of managing/whole ‑ time director of private company before its conversion into public company The provisions of section 269 will not apply to a person who has been holding the office of a managing director or whole‑time director in a private company immediately before its conversion into a public company by virtue of section 43A, as no fresh appointment is involved. It may, however, be added that this view cannot be extended to sections 198, 255, 309, 310, 311, etc., the restrictions contained in these sections will automatically apply to the company from the date of its conversion or its being deemed to be a public company by virtue of section 43A.