Managing director in a private company
Querist : Anonymous
What is the procedure to appoint an existing director as a Managing Director in a Private Limited Company.
Thankyou and Regards.
Generally the provision of section 269 is not applicable to private limited company.
In that case you will only submit Form-32 with ROC for change in designation of director.
You will also file Form-23 with ROC for appointment of MD.
Querist : Anonymous
What about Form 25C??
I follow this parctice to submit Form-25C.
Querist : Anonymous
So we don't have to comply with the provisions of Remuneration(Schedule XIII).
The provisions of Companies Act, 1956 and Schedule XIII deal with remuneration of director will not applicable to private limited company. Such provision is applicable only public company and its subsidiary.
The remuneration of directors of the private company is totally governed by their company articles. If the Company’s article permits to pay remuneration you can give remuneration without any restriction. For this you will pass a Board Resolution for payment of remuneration.
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