“Key managerial personnel” (KMP) as a separate identified group of persons was introduced under the Companies Act, 2013, with the objective of holding accountable, for actions or inactions of the company, not merely the directors of a company, as has traditionally been the case, but also persons who are responsible for the day-to-day affairs of the company.
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Cyril Amarchand Mangaldas
The term KMP has been defined to mean the chief executive officer (CEO), managing director, manager, company secretary, whole-time director, chief financial officer (CFO) and any other officer of a company, as may be prescribed by the government.
Keeping in mind the interest of public shareholders, the 2013 act requires every listed company and every other public company having a paid-up share capital of ₹100 million (US$1.5 million) or more to appoint: (i) a managing director, or CEO or manager, and in their absence, a whole-time director; (ii) a company secretary (required for a company having paid-up share capital of ₹50 million or more); and (iii) a CFO, as its KMPs.
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Cyril Amarchand Mangaldas is India’s largest full-service law firm. Rashmi Pradeep is a partner at the firm.
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