Appointment of m.d.

This query is : Resolved

Guest

Guest (Querist)

05 October 2012 CAN ANYONE HELP ME,, IF A MANAGING DIRECTOR IS CROSSED 5 YEARS TIME FROM THE DATE OF APPOINTMENT AND HE IS NOT YET TO BE RE-APPOINTED AGAIN IN PURSUENT SECTION 317,,, WHAT SHOULD BE DONE BY THE COMPANY TO RACTIFY THAT DEFAULT IF WAS APPOINTED IN JULY 2006,,, PLZ TELL ME THE CONSIQUENCES OF THIS DEFAULT AND PENALTY IF ANY,,,,,

Ajay Mishra

Ajay Mishra (Expert)
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05 October 2012 Hi

I will suggest you that, if the period of 90 days is not expire then you can appoint him within 5 year and file Form-25C and 23 with ROC to rectify the mistake.

Guest

Guest (Querist)

05 October 2012 THANK SIR FOR UR ANS.. BUT SIR HE WAS APPOINTED IN JULY 2006 YET HE IS THE MANAGING DIRECTOR IN THE CO. WITHOUT RE-APPOINTMENT

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Ajay Mishra

Ajay Mishra (Expert)
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05 October 2012 Hi

It is public company or private company.

Guest

Guest (Querist)

06 October 2012 that is public limited company incorporated in 2006

Ajay Mishra

Ajay Mishra (Expert)
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06 October 2012 then,you can not appoint him from so long back date.

CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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06 October 2012 consequently, he was ceased to be a MD after that 5 years. You need to file form 32 for change of designation from managing director to Director.

Thenafter you may appoint him as Managing Director and accordingly forms 23, 25C and 32 will be filed.