Multiple choice

A Chairman who is appointed on a whole-time basis as a Managing Director of a banking company should not have ____________ in any other company.

  1. beneficial interest

  2. any interest

  3. substantial interest

  4. majority interest
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A person shall be disqualified for being Chairman who is appointed on a whole-time basis as a Managing Director, if he––

(a) is a director of any company other, than a company referred to in the proviso to sub-section 

(b) is a partner of any firm which carries on any trade, business or industry

(c) has substantial interest in any other company or firm

(d) is a director, manager, managing agent, partner or proprietor of any trading, commercial or industrial concern

(e) is engaged in any other business or vocation.

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