The amendment, submitted by North Feydhoo MP Ismail Nizar on behalf of the government, seeks to reduce the current 30-day period to announce appointment of directors and managing directors of public and private companies to 10 days.
An amendment to the Companies Act has been proposed to shorten the appointment period for Directors and Managing Directors on company boards.
The amendment, submitted by North Feydhoo MP Ismail Nizar on behalf of the government, seeks to reduce the current 30-day period in which the Registrar of Companies can announce the appointment of directors and managing directors of public and private companies to 10 days.
Additionally, the amendment proposes shortening the notice period for general meetings of companies.
Under the current law, notice must be given within 21 days of a request, but the amendment would reduce this to three days.
For special general meetings, the notice period would be shortened from 14 days to seven days.
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