MD

This query is : Resolved

Report Abuse Follow Query Ask a Query

SUMAN

SUMAN (Querist)
Follow

20 July 2009 IF A PUBLIC CO. (PAID UP CAPITAL LESS THAN 5 CR) APPOINT MD .WHETHER SCHEDULE XIII WILL APPLY OR NOT.

Ankur Garg

Ankur Garg (Expert)
Follow

22 July 2009 Section 269 is applicable in case of a public company only if paid up capital is more then Rs. 5 Crore.

But if u voluntarily wants to adopt Section 269 then u have 2 follow section 269 fully and u have two options to appoint your MD:

1. Appoint MD with the approval of Central Govt. OR

2. Appoint MD by following the provisions of Schedule XIII.

Hence applicability of Schedule XIII is optional in youe case.

Regards