Regulatory Alerts1999-04-19
Added · Updated
Appointment of Directors and Chief Executive of Leasing Companies
Leasing companies are prohibited from changing their directors or chief executive without prior written authorization from the Commission. This requirement enforces eligibility conditions under the Leasing Companies (Establishment and Regulation) Rules, 1986, including restrictions on concurrent offices, five-year senior management experience, family composition limits, and specific qualifications for the chief accounting officer. Failure to comply with these conditions may result in licence cancellation and the winding up of the company.
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