Mr Raman a relative of Ms Sadhana who is indebted to the Company wants to be appointed as an ID Can ...........

Companies Act-Phase (I & II) Directors - powers and appointment

Mr. Raman, a relative of Ms. Sadhana who is indebted to the Company, wants to be appointed as an ID. Can he be so appointed?

Yes

Yes, GM-SR

Yes, GM-UR

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Explanation:

Section 149(6)(d) none of whose relatives—

(ii) is indebted to the company, its holding, subsidiary or associate company or their promoters, or directors, in excess of such amount as may be prescribed during the two immediately preceding financial years or during the current financial year;

(iii) has given a guarantee or provided any security in connection with the indebtedness of any third person to the company, its holding, subsidiary or associate company or their promoters, or directors of such holding company, for such amount as may be prescribed during the two immediately preceding financial years or during the current financial year; or

Only giving a guarantee of indebtedness is to be taken into consideration. Receiving a loan is acceptable.