Appointment of a managing Director
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 March 2011
Dear Friends
Please note that my company has recently got converted into unlisted public oompany. We are in process of regularising the appointment of the managing director of the company. However my query is as the Company has inadequate profits the company has to get approved the remuneration of md from remuneration committee. SO what i have to do is file form 25c (as per the recent circular form the MCA) inserting the remuneration details duly approved by the remuneration committee.
Kindly help
Please note that my company has recently got converted into unlisted public oompany. We are in process of regularising the appointment of the managing director of the company. However my query is as the Company has inadequate profits the company has to get approved the remuneration of md from remuneration committee. SO what i have to do is file form 25c (as per the recent circular form the MCA) inserting the remuneration details duly approved by the remuneration committee.
Kindly help
23 March 2011
The query is not very clear. Can you please specify the query in more detail.
24 March 2011
The only amendment as per the recent MCA circular is CG approval is not required in case of unlisted companies even in those cases where there is no profit or inadequate profit and the remuneration exceeds the limits specified in Schedule XIII of the Companies Act, 1956.
All other requirements are required to be fulfiled viz., approval by a resolution passed at the Remuneration Committee, Special Resolution passed at the General meeting and absence of default in repayment to creditors.
Accordingly you need to attach resolution of the remueration committee and General Meeting to Form 25C.
All other requirements are required to be fulfiled viz., approval by a resolution passed at the Remuneration Committee, Special Resolution passed at the General meeting and absence of default in repayment to creditors.
Accordingly you need to attach resolution of the remueration committee and General Meeting to Form 25C.
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