Dear Vinay ji,
Thank you very much for your attachment supporting my comments. In fact, company law is not my subject, which I repeat here.
The right and specific answer to querist would be:
It is possible that a person who is an employee of an organization can be one of the Directors of a sister concern(a wing) of the same company at the same time, but not whole time Director or Managing Director.

From India, Mumbai
Dear friends, Some more notes on this issue is attached for your information.
From India, Bangalore

Attached Files (Download Requires Membership)
File Type: docx Apptt.of WTD-LawyersclubindiaArticle.docx (16.3 KB, 12 views)

Dear All,

we, a batch of 33 people, joined Govt. Transport Corporation, accepting the offer letter on dated 28.08.2011 & there after signing the appointment letter on 12.10.2011 on purely contract basis with certain terms & conditions.

At the time of joining we were not asked to execute any contract agreement on judicial E- stamp continued as an oral agreement for TWO & HALF years.

Now suddenly, One month back, management has started a communication to all of us contractual employees to furnish a contract agreement on Judicial E-stamp paper of Rs.50/-.

The important thing is that the terms of contract has been changed from the original at the time of offer letter & appointment letter. This change of contractual terms is against us. In protest to it, We all contractual employees have refused to sign this changed contract agreement and filed a case in Central Administrative Tribunal.

Now in this scenario I want to Know the following points:-

1. What is our Job Status as there is no Formal Contract agreement signed between Us & Corporation??

2. Are we bind to the rules & regulations of Corporation, in absence of any formal Contract agreement signed between Us & Corporation??

3. One of us was issued chargesheet few months back, is that chargesheed valid in case of no formal Contract agreement signed between him & Corporation??

4. If one of us get good job opportunity somewhere else then in that case, does one need to Resign from this job properly??

5. In one case, one of us has resigned by serving Notice period properly but management has not accepted his resignation, What should he do??

Kindly reply these questions, as we are all in the very nascent stage of our career..

From India, Delhi

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