Coherent Identifier About this item: 20.500.12592/jtr1fv

Parliamentary Debates Parliament of India Friday 7th September 1951 Part II - Proceedings other than Questions and Answers Official Report




The language, as it is, namely the reappointment of a managing director in the place of the managing director holding office as such etc. " will not be proper if you want to cover the re- appointment of the managing director or the appointment of a new director. [...] Shri C. D. Deshmukh: There is the question of the appointment of a new director in the place of the managing director and the reappointment of a managing director. [...] Sub-section (2) of the proposed section 86J says: "Where a complaint is made to the Central Government by the managing agent, managing director or any other director of a company that as a result of a change in the ownership of the shares held in the company a change in the board of directors is likely to take place which, if allowed, would affect pre- judicially the affairs of the com- pany, the [...] The Central Government has already got the power not to allow a new managing agent to be appointed in the place of the exist- ing managing agent thinking that the people who have cornered the shares in the market might put in such a managing agency which might work to the detriment of the company. [...] There even with respect to the appoint- ment of a managing director the House has accepted the position that after the 21st July, 1951, the appointment must have the approval of the Central Gov- ernment Shri Jhunjhunwala: Will it be neces- sary for one to take the permission of the Government before he floats a com- pany?


government politics public policy

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