Rule 8 Powers of Board
- Chapter
- III · Powers of the Board
In addition to the powers specified under sub-section (3) of section 179 of the Act, the following powers shall also be exercised by the Board of Directors only by means of resolutions passed at meetings of the Board.-
(1) to make political contributions;
(2) to appoint or remove key managerial personnel (KMP);
1Text omitted by amendmentItem (3), which read: "(3) to take note of appointment(s) or removal(s) of one level below the Key Management Personnel", omitted by G.S.R. 206(E), dated 18th March, 2015 (Companies (Meetings and Powers of Board) Amendment Rules, 2014), w.e.f. 18th March, 2015.
(4) to appoint internal auditors and secretarial auditor;
2Text omitted by amendmentItems (5)-(9) -- disclosure of directors' interest/shareholding; buying/selling non-trade investments of five per cent or more; inviting, accepting or renewing public deposits; changing the terms of public deposits; and approving quarterly/half-yearly/annual financial statements or results -- omitted by the same G.S.R. 206(E), dated 18th March, 2015, w.e.f. 18th March, 2015.
1. Item (3), which read: "(3) to take note of appointment(s) or removal(s) of one level below the Key Management Personnel", omitted by G.S.R. 206(E), dated 18th March, 2015 (Companies (Meetings and Powers of Board) Amendment Rules, 2014), w.e.f. 18th March, 2015.
2. Items (5)-(9) -- disclosure of directors' interest/shareholding; buying/selling non-trade investments of five per cent or more; inviting, accepting or renewing public deposits; changing the terms of public deposits; and approving quarterly/half-yearly/annual financial statements or results -- omitted by the same G.S.R. 206(E), dated 18th March, 2015, w.e.f. 18th March, 2015.