law: Companies Act, 2013 
  203.
  
    Appointment
  
  of key managerial personnel.
  1.      Every company
  
  belonging to such class or classes of companies as may be prescribed shall have
  
  the following whole-time key managerial personnel,—
               
  
   i.        
  
    managing
  
  director, or Chief Executive Officer or manager and in their absence, a
  
  whole-time director;
              
  
   ii.        
  
    company
  
  secretary; and
             
  
   iii.        
  
    Chief
  
  Financial Officer :
  Provided
  
  that an individual shall not be appointed or reappointed as the chairperson of
  
  the company, in pursuance of the articles of the company, as well as the
  
  managing director or Chief Executive Officer of the company at the same time
  
  after the date of commencement of this Act unless,—
  a.     
  
    the
  
  articles of such a company provide otherwise; or
  b.    
  
    the
  
  company does not carry multiple businesses:
  Provided
  
  further that nothing contained in the first proviso shall apply to such class
  
  of companies engaged in multiple businesses and which has appointed one or more
  
  Chief Executive Officers for each such business as may be notified by the
  
  Central Government.
  1.     
  2.      Every whole-time key
  
  managerial personnel of a company shall be appointed by means of a resolution
  
  of the Board containing the terms and conditions of the appointment including
  
  the remuneration.
  3.      A whole-time key
  
  managerial personnel shall not hold office in more than one company except in
  
  its subsidiary company at the same time:
  Provided
  
  that nothing contained in this sub-section shall disentitle a key managerial
  
  personnel from being a director of any company with the permission of the
  
  Board:
  Provided
  
  further that whole-time key managerial personnel holding office in more than
  
  one company at the same time on the date of commencement of this Act, shall,
  
  within a period of six months from such commencement, choose one company, in
  
  which he wishes to continue to hold the office of key managerial personnel:
  Provided
  
  also that a company may appoint or employ a person as its managing director, if
  
  he is the managing director or manager of one, and of not more than one, other
  
  company and such appointment or employment is made or approved by a resolution
  
  passed at a meeting of the Board with the consent of all the directors present
  
  at the meeting and of which meeting, and of the resolution to be moved thereat,
  
  specific notice has been given to all the directors then in India.
  1.     
  2.     
  3.     
  4.      If the office of any
  
  whole-time key managerial personnel is vacated, the resulting vacancy shall be
  
  filled-up by the Board at a meeting of the Board within a period of six months
  
  from the date of such vacancy.
  5.      If a company
  
  contravenes the provisions of this section, the company shall be punishable
  
  with fine which shall not be less than one lakh rupees but which may extend to
  
  five lakh rupees and every director and key managerial personnel of the company
  
  who is in default shall be punishable with fine which may extend to fifty
  
  thousand rupees and where the contravention is a continuing one, with a further
  
  fine which may extend to one thousand rupees for every day after the first
  
  during which the contravention continues.