MD was appointed in a private limited Co. at annual salary of Rs.1750000/- ( monthly Rs.145833/-) for term of 3 years starting from 29/05/2010 and the term will end by 28/05/2013
Subsequently the co. converted in to pub. ltd co. w.e.f. 9/11/2010
RELEVENT INFOMATION:
1. Date of incorporation - 13/08/2009 ( AS A PVT. LTD)
1. From the date of appointment of MD , the co. has no profits (as the commercial opperations of the co. yet to start)
2. At the time of appointment the co. paid up capital was Rs.140000/-
3. now ( 12/09/2011) the paid up capital of the Co. is Rs.368074200/-
QUERY:
1. whether the co. need to comply the provisions of section 269 /schedule -XIII of the CA,1985
if the MD conitinues with the same salary and tenure i e. up to 28/05/2013
THE VIEWS OF EXPERT EMBERS SOLICITED
Thanks
CS KRISHNA.CH
09912450688
CAclubindia
