Write notes on the following : (ii) Key managerial personnel (KMP)

Key Managerial Personnel Section 203 of the Act read with Rule 8 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 provides that every listed company and every other public company having a paid up share capital of ten crore rupees or more shall have whole-time key managerial personnel comprising of - Managing Director, or Chief Executive Officer (CEO) or manager and in their absence, a whole time director; Company Secretary; and Chief Financial Officer (CFO) A whole time key managerial personnel shall not hold office in more than one company except in its subsidiary company at the same time. Every KMP shall be appointed by means of Board Resolution. If the office of any whole time key managerial personnel is vacated, the resulting vacancy shall be filled up by the Board at a meeting of the board within a period of 6 months from the date of such vacancy. If a company contravenes the provisions of the section 203 of the Companies Act, 2013, the company shall be punishable with fine from ₹ 1 Lac to ₹ 5 Lacs and every director and KMP who is in default will be punishable with fine upto ₹ 50,000/- and in case of continuation of such contravention fine upto ₹ 1000/- for every day for such contravention after the first during which the contravention continues.