Business Daily from THE HINDU group of publications
Monday, Jan 05, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Monday, Jan 05, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Mentor
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Company Law Columns - For the Asking Alternate directors
In some companies, one comes across alternate directors standing in for more than one director. What is the purpose? Komal Rastogi, Lucknow Alternate directors are supposed to be appointed by the board of directors but in practise the board simply rubber stamps the nominee of the foreign directors in whose context the appointment of alternate directors is more common. To my mind, there is a difference between a proxy and an alternate director. A proxy at the general meeting could legitimately and effectively represent several shareholders, but while it could be legitimate for an alternate director to stand in for more than one absentee director, his effectiveness in wearing multiple hats is suspect and at best farcical. S. MURLIDHARAN ASK! Send in your queries to ask@thehindu.co.in http://MentorQA.blogspot.comMore Stories on : Company Law | For the Asking
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