05 December 2015
there is a private limited company in which we need to appoint a person as managing director. Appointment will be made without any remuneration so sec 197 shall not be applicable. Again section 196(4) and 196(5) are exempted for private limited companies so board approval will suffice in this case. So in this case do we need to file MR1 and MGT14 or we need to file only DIR12?
07 December 2015
Yes, you only need to file Form DIR-12 with ROC. Section 197 is anyways not applicable to Private company (it applies only to Public Co) However, please ensure that you comply with other applicable provisions of sections and rules.
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