Remuneration to whole time director
This query is : Resolved
21 February 2014
Kindly reply the following questions:-
What is the procedure for Reqppointment of a Whole Time Director in a Public Limited Company?
What are the ROC Forms required to be file at the time of reappointment of Whole Time Director?
Whether a whole time director can withdraw different remuneration each year during his tenure as a whole time director?
What is the procedure for Reqppointment of a Whole Time Director in a Public Limited Company?
What are the ROC Forms required to be file at the time of reappointment of Whole Time Director?
Whether a whole time director can withdraw different remuneration each year during his tenure as a whole time director?
22 February 2014
The procedure for appointment and forms to be filed with ROC are as follows:-
1. Consider the appointment (or reappointment, as the case may be) in a Board Meeting. Also convene a General Meeting for obtaining shareholders’ approval.
2. In case the re-appointment is not in accordance with Schedule XIII, approval of Central Government is to be obtained (Form 25A to be filed).
3. In case appointment is in accordance with Part I & II of Schedule XIII, Form 25C shall have to be filed with ROC within 90 days from the date of appointment.
4. Approval of shareholders is required to be obtained in accordance with Part III of Schedule XIII.
5. An abstract of the terms of the appointment shall also be circulated to the members within 21 days in terms of Section 302 of the Companies Act, 1956.
Further, the WTD can withdraw different remuneration each year during his tenure as a WTD. However, the same shall have to be provided for in the resolution appointing him as WTD and which shall also contain the details of his remuneration and other terms and conditions of his appointment.
1. Consider the appointment (or reappointment, as the case may be) in a Board Meeting. Also convene a General Meeting for obtaining shareholders’ approval.
2. In case the re-appointment is not in accordance with Schedule XIII, approval of Central Government is to be obtained (Form 25A to be filed).
3. In case appointment is in accordance with Part I & II of Schedule XIII, Form 25C shall have to be filed with ROC within 90 days from the date of appointment.
4. Approval of shareholders is required to be obtained in accordance with Part III of Schedule XIII.
5. An abstract of the terms of the appointment shall also be circulated to the members within 21 days in terms of Section 302 of the Companies Act, 1956.
Further, the WTD can withdraw different remuneration each year during his tenure as a WTD. However, the same shall have to be provided for in the resolution appointing him as WTD and which shall also contain the details of his remuneration and other terms and conditions of his appointment.
22 February 2014
Thanks for prompt reply.........
You want to say that we have to specify in the resolution that in each year how much he will withdraw as remuneration.......
It means we cannot fix a limit that upto this limit he can withdraw any amount....
You want to say that we have to specify in the resolution that in each year how much he will withdraw as remuneration.......
It means we cannot fix a limit that upto this limit he can withdraw any amount....
22 February 2014
Withdrawal of remuneration cannot be kept open. Remuneration has to be fixed for every year. For example, for salary, grade and increases every year may be defined.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
