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Under section 269, every public company and a private company which isa subsidiary of a public company must have a managing director or a whole time director if its paid-up share capital is.

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  1.  rs.1 crore or more.

  2.  rs.2 crore or more.

  3.  rs.5 crore or more.

  4.  rs.10 crore or more.

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