Appointment of md as director
Reena (CS) (32 Points)
08 March 2016
Please share the procedure for appointment of MD as Director.
1 Replies
Megha Choudhary
(Management Trainee)
(541 Points)
Replied 09 March 2016
For appointment of Managerial Personnel in private company we have to do following things:
- Require to pass Board Resolution.
- Require approval of Share Holders in General Meeting.
- Follow the provisions of Schedule – V of Companies Act, 2013. (If there is any variance to the conditions specified in the schedule, this appointment shall also be subject to the approval of the Central Government. {Sub – section (3)})
Issue Notice for Calling Board Meeting. Notice shall include:
- Terms and conditions of such appointment.
- Remuneration payable to such Managerial Personnel.
- Interest of Directors in such appointment.
b. Documents Require from Appointee:
- Declaration that he is not disqualified to appoint as director. (Secion-152(4).
- Consent that he is willing to appoint as director.(Section-152(5).
- Consent that he is willing to appoint as Managing Director.
c. Pass Resolution in Meeting for appointment of Managerial Personnel.
d. File Form MGT-14 within 30 days of passing of resolution. (Secion-179)
e. File Form DIR-12 within 30 days of passing of resolution.
f. File Form MR-1 within 60 days of passing of resolution. (Section-196).
g. GM; which will help after this appointment, Take Approval of Shareholders by passing of resolution.
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