03 March 2017
Schedule V is partly applicable to private companies (i.e. in relation to Part I that deals with appointment) and partly not applicable to private companies (i.e. Part II that deals with remuneration)
03 March 2017
schedule V completely not applicable to private company...... part I was applicable previously.. but MCA on 5th June 2015 exempted 196(4)&196(5)./.. to private companies. .and as per ur query.... remuneration (part II) not applicable
04 March 2017
Although section 196(4) has been exempt for private companies, yet Rule 8 of Companies (Meetings of Board and its Powers) Rules, 2014 still requires appointment of KMP to be approved at a board meeting. Further section 117(3) also requires MGT-14 also to be filed for any resolution of the board of director approving the appointment of managing director. Further, considering the position held by managerial person in a company, it is advisable that the appointment of managerial person should be sought at a board meeting
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