Arpit Garg (Chartered Accountent) (27 Points)
02 July 2013Dear Friends,
One company appoint CEO(and alternate director) and providing him professional fees instead of salary... excuse is since CEO age is more than 65 year we cant appoint him as an employee.... So I want to ask
1) Whether it should be discloseed in Register maintained by companies act like sec 301
2) can He appoint as CEO without salary
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Replied 02 July 2013
Dear Arpit Garg,
Your question is not clear, however i am giving this answer assuming the company a public limited company.
1. A CEO or managing director may be appointed until he attains age of 70 years.
2. A director who crosses 70 years age may be appointed as managin g director with special resolution by virtue of sch.XIII Part I (1)(c)(ii).
3.He may be appointed with salary, in addition, if he provides any other professional services he is eligible to claim professional fee under sec.309(1)(a)
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