Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

MD Appointment

poonam verma (Company Secretary) (191 Points)

18 September 2008

Hi friends,

I am working in a Closely held Pvt. Co. In this Managing Director was appointed in Sep. 2001, for which resolution in AGM was passed and F-32 was filed, should i renew the appointment in this AGM or i can continue, as i don't find any time duration for which MD in a Pvt. Co. can be appointed. moreover there was no agreement specifying the time limit.

What should i do, pls guide me.

regards,

poonam

Reply
Follow
Share

6 Replies

CMA Lakshminarayana Pulipaka (Practicing Cost Accountant) (118 Points)
Replied 18 September 2008

Please review the minutes Book and see the resolutions passed for appointinment of the managing Director. Normally private limited companies appoints any wholetime director as a Managing Director for a tenure of five years. In your case if period is not specified in resolution there is no need to pass a new resolution and file F-32.

Upgrade to CAclubindia Pro. Subscribe Now!

Lineesh James (Company Secretary) (30 Points)
Replied 18 September 2008

There is no restriction incase of Private Company. Form.23 also to be filed u/s192(4)(c)

PRAVEEN RANKA (MANAGEMENT CONSULTANCY PLACEM) (12 Points)
Replied 27 September 2008

Originally posted by :poonam verma
"	Hi friends, I am working in a Closely held Pvt. Co. In this Managing Director was appointed in Sep. 2001, for which resolution in AGM was passed and F-32 was filed, should i renew the appointment in this AGM or i can continue, as i don't find any time duration for which MD in a Pvt. Co. can be appointed. moreover there was no agreement specifying the time limit. What should i do, pls guide me. regards, poonam	"

surbhi lohiya (cs) (34 Points)
Replied 30 September 2008

to appoint a managing director in a private company u need not to comply the prescribed procedures as it is not applicable on private companies.so the period of five yrs cn b extended.