08 April 2016
Due to oversight the reappointment of a Managing Director of a unlisted public company which was due on 01.04.2015 was not done till today however director was paid remuneration. please inform what will be the implication if reappointment is shown from current date i.e 01.04.2016 and what will happen if reaapointment is shown from back date i.e 01.04.2015. If reappointment is shown from back date then we believe we will have to pay late payment fees on form MR-1 and their can be penalty also since the time period exceed 270 days. Please advise
14 April 2016
You should appoint him showing a back date BM and EGM accordingly and pay additional fee. Otherwise you have to return the salary in case you appoint him from current date and during the period his status will not be a MD but just a director
CAclubindia
