HI
can anyone provide me the procedure for reappointment of MD as per schedule XIII?
6 Replies
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 11 July 2009
Dear Mamta Ji,
As the appointment / reappointment is as per Schedule XIII there is no requirement of the Central Government approval.
Simply pass Special Resolution in the General Meeting of the Company for the reappointment of MD.File form no. 23 within 30 days form the date of such resolution. Then file form 25C within 90 days from the date of such appointment.
Under section 192, the resolution for the reappointment of MD required registration by way of filing form 23 whether there is Special Resolution, Ordinary Resolutino or Borad Resolution. As MD may also be reappointed by the Board of Directors.
There is no need to file form 32 as there is no change in the office of directors.
Mamta Batra
(CS)
(376 Points)
Replied 13 July 2009
Hi
I need the Format of Board Resolution for re-appointment of MD as per Schedule - XIII.
The Company has 1MD and 2 other Director
what will be the limit of remuneration to the Managing Director?
Ajay Mishra
(Company Secretary)
(74337 Points)
Replied 13 July 2009
Hi
Please find enclosed draft board resolution of re-appointmtnt of MD.
Best Regards
Attached File : 0 board resolution md.doc downloaded: 359 times
Mamta Batra
(CS)
(376 Points)
Replied 14 July 2009
What is the exact meaning of adequate profit under schedule XIII
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 14 July 2009
Lets discuss in a simple way:
Suppose in a financial year your profit are: Rs. 10,00,00,000
Remuneration of M.D. is Rs. 50,00,000 i.e. 5%. Till now everything is fine.
============================================
Now suppose in the next financial year profit fall to Rs. 8,00,00,000.
and remuneration remain the same i.e. Rs. 50,00,000. Now % of remuneration will automatically increase to 6.25%.
This is called inadequate profit as far as remuneration provisions are concerned.
On the contrary if you are able to maintain your profits say Rs. 10,00,00,000 or more then there will be no situation of inadequate profit as far as remuneration provisions are concerned.
However the same is my personal understanding about adequate/inadequate profit as far as remuneration provisions are concerned.
Regards
Mamta Batra
(CS)
(376 Points)
Replied 14 July 2009
Thx a lot sir
One of my client wants to give remeneration to MD as per Part II of Section II(B) of Schedule XIII
The company has inadequate profits.
Can anyone provide me the explanatory statment u/s 173(2) as per the requirement of Schedule XIII.
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