17 September 2014
Whether appointment of MD for a private company is required to be approved by General Meeting as provided under section 196 of the Companies Act 2013?
17 September 2014
The appointment of a managing director and the terms and conditions of such appointment and remuneration payable thereon must be first approved by the Board of directors at a meeting and then by an ordinary resolution passed at a general meeting of the company. (Section 196(4))
So the provisions will be applicable for both public and pvt. if so, whether the appointment made prior to the commencement of the Act is required to be placed before the members?
17 September 2014
The exemption given to private limited company under section 269 of companies act 1956 for appointment of Managing Director is withdrawn. Provisions relating to the appointment of Managing Director is now applicable to the private limited companies (section 196)
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