Board Resolution

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Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 Pls provide me the format of Board Resolution for appoinment of MD in pvt. ltd.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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30 July 2010 “RESOLVED THAT pursuant to provisions of Section 269 read with Schedule XIII of the Companies Act ,1956 and sub to provisions of Sections 198 ,309,314 and other applicable provisions ,if ,any of the Companies Act, 1956 and further subject to approval of shareholders, sanction be and is hereby accorded to the re-appointment of Mr. A as Managing Director of the Company for a period of 1 (one) year with effect from 1st April,_________ and to the payment of the following remuneration:

a) Salary Basic Rs __________ PM

b) Conveyance on actuals upto a limit of Rs ___________PM

c) House Rent Rs _________ PM

Resolved Further That in the event of loss or inadequacy of profits during the tenure of service of the Managing Director, the payment of salary, commission, perquisites and other allowances shall be governed by the limits prescribed under Section II of Part II of Schedule XIII to the Companies Act, 1956.”

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 Dear Sir,

My query is regarding pvt. ltd.
(who is already a Director of that Company, now he will be appointed as MD)

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Jagruti (CS)

Jagruti (CS) (Expert)
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30 July 2010 For appointment of diretor as MD above resolution can be used

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 Dear Madam Jagruti,

That all Sections are not applicable to private company.

Jagruti (CS)

Jagruti (CS) (Expert)
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30 July 2010 “RESOLVED THAT Mr. _____, a director of the Company, be and is hereby appointed as the Whole-Time Director of the Company with effect from ___________.

RESOLVED FURTHER THAT Mr. ______be paid remuneration of 40% of the Profits of the Company subject to maximum Rs. 15,00,000/- p.a. (Rupees Fifteen Lakhs) with effect from __________

RESOLVED FURTHER THAT the Directors of Company jointly or severally authorised to take all such steps as may be necessary, proper or expedient to give effect to this resolution.”