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Companies Act- Section 2(51) - Key Managerial Personnel

KEY MANAGERIAL PERSONNEL

Section 2 sub section  (51) “key managerial personnel”, in relation to a company, means—
(i) the Chief Executive Officer or the managing director or the manager;
(ii) the company secretary;
(iii) the whole-time director;
(iv) the Chief Financial Officer; and
(v) such other officer as may be prescribed;

My review on 2(57)

This section is having very wide implication and intended to make all top most officials of the company liable for its defaults. On careful reading of the section one can understand that CEO is treated at par with the MD of the company . That means if there is no MD for the company, the responsibilities / liabilities under the act will fall automatically on the shoulder of CEO who is appointed there at.

Likewise it there is a WTD or CS or CFO they also will fall within the brackets of the said definition and becoming liable for the compliance under the Act. Moreover Section 2(60) defines the term ' Officer in default" and drag the term KMP within the ambit of that section.