02 February 2012
Dear Sir, Kindly heed your attention on following issue-
1.A person is appointed as company secretary, some time later, the CS is appointed as the Director in the same company. Can he be called WTD? (he is in the employment of company and holding Directorship as well)
2.Please also describe that is there need to follow provisions of WTD in above mentioned case separately, if above said situation fall in WTD?
Please throw the light on it and indicate the relevant provisions in this regard.
Looking forward to your kind reply.
Thanks and Regards, Harvinder Kumar Dinker
Guest
Guest
(Expert)
04 February 2012
Pass SR u/s 314 (1) file form 23. No need to file form 32 for change in designation for WTD.
Suppose, now, company is public limited, the said CS is appointed on the good perks. After some period, the CS is appointed as the Director (in my point of view, he is WTD due to whole time in employment + Director)
Company is not earning adequate profit as per the provisions of Cos Act and Sch XIII is applicable here on the company. After becoming the Director, the said person can not fulfill the conditioned prescribed in Sch.XIII.
1. Does company need CG approval because after becoming director his salary in capacity of CS exceeds the limit.
2. whether in this case Section 269 be applicable on the said CS + Director (in my point of view he is considered to be WTD) If not applicable, please may be explained.
3.Whether crossing the remuneration, prescribed to the public ltd, still be applicable on the CS+Director or will not be applicable because he is not considered to be WTD and what he is drawing from the company only in the capacity of CS.
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