Managing director_ca 2013
This query is : Resolved
09 May 2014
Dear All,
In our private company MD was appointed in 2008 as and no term of his office was decided as provision of 5 years terms of MD were not applicable on private company. Now we have to increase his salary from 01.06.2014, and his term will also be fixed for 5 years as per section 196 of CA 2013.
My query is whether we will be required to file MR-1 for his fixing of the term and if yes then what will be the effective date of appointment in this case?
Or this being just variation in his term of appointment , filing of MGT.14 for board resolution and separately for SR passed by shareholders in general meeting will be sufficient?
Thanks
In our private company MD was appointed in 2008 as and no term of his office was decided as provision of 5 years terms of MD were not applicable on private company. Now we have to increase his salary from 01.06.2014, and his term will also be fixed for 5 years as per section 196 of CA 2013.
My query is whether we will be required to file MR-1 for his fixing of the term and if yes then what will be the effective date of appointment in this case?
Or this being just variation in his term of appointment , filing of MGT.14 for board resolution and separately for SR passed by shareholders in general meeting will be sufficient?
Thanks
09 May 2014
Hi Sidharth, exactly the same situation is in my case also.
I have a query in your question itself.
Why would SR be passed?
Regards
I have a query in your question itself.
Why would SR be passed?
Regards
09 May 2014
I mistakenly wrote SR only OR is required so no MGT.14 for this but for Board resolution.
In my opinion it is just an variation in terms of the appointment of MD and that his term will now be till 31.03.2019 i.e. 5 years from 01.04.2014 when section 196 became applicable and that only form MG.14 for BR be filed. As the company is not appointing him but fixing his terms of appointment which has continued from past. But whne they reappoint him on 31.03.2015 then form MR.1 will be filed but not now.
These are my views other views solicited.
In my opinion it is just an variation in terms of the appointment of MD and that his term will now be till 31.03.2019 i.e. 5 years from 01.04.2014 when section 196 became applicable and that only form MG.14 for BR be filed. As the company is not appointing him but fixing his terms of appointment which has continued from past. But whne they reappoint him on 31.03.2015 then form MR.1 will be filed but not now.
These are my views other views solicited.
09 May 2014
Hi,
Why would there be a resolution only for change in terms of appointment and not for appointment (as appointment includes the reappointment also).
Consequence upon applicability of new act 2013, we need to appoint/reappoint the MD in the 1st Board Meeting in FY2014-15 and file the MR-1.
What is your take.....
Regards
Why would there be a resolution only for change in terms of appointment and not for appointment (as appointment includes the reappointment also).
Consequence upon applicability of new act 2013, we need to appoint/reappoint the MD in the 1st Board Meeting in FY2014-15 and file the MR-1.
What is your take.....
Regards
09 May 2014
My stand is that in case you have to file form MR.1 then what will you fill in the column for effective date in the form.
Date of Board Meeting.
or 01.04.2014 or form the effective date of his remuneration i.e. 01.06.2014 or original date of his appointment in company i.e 08.12.2008.
The appointment cannot be retrospective.
Date of Board Meeting.
or 01.04.2014 or form the effective date of his remuneration i.e. 01.06.2014 or original date of his appointment in company i.e 08.12.2008.
The appointment cannot be retrospective.
09 May 2014
i will put the date of Board meeting. agree that appointment can not be retrospective....
09 May 2014
According to my opinion, both MR-1 (Return of appointment of MD / Manager) and From MGT-14 (Filing of resolutions & agreements) will be filed. There is no need to pass the special resolution, ordinary resolution is sufficient, if appointment is in accordance with Section 196, 197 & Schedule V of the Act
09 May 2014
Agree with Brij Ji....
Message likes :
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09 May 2014
Is form MR.1 to be filed from date of board meeting or effective date of appointment.
Suppose BM on 01.05.2014 and effective date of re-appointment is from 01.06.2014.
Suppose BM on 01.05.2014 and effective date of re-appointment is from 01.06.2014.
09 May 2014
MR-1 has to be filed within 60 days of the date of appointment
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