As per Companies Act 2013, Sub Section (3) of Section 149, Every company shall have at least One Director who stays in India for a total period of not less than one hundred and eighty-two (182) days during the financial year.
Thus now all companies, including WOS Companies need to have one Director who resides in India for at least half the year. Many times foreign subsidiaries have all the foreign directors.
Duties and Powers
A Resident Director has all the duties and powers that are there for any other Director/s. The only thing is that powers of Resident Director are approved by the Board. All the normal provisions of the Companies Act, 2013 are applicable on Resident Directors.
What if not complied with:
Contravention of the provisions of having a Resident Director appointed in the Board, may attract penalty of minimum Rs. 50,000 and maximum Rs. 5,00,000.
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