03 July 2013
The Whole time Director of a Listed public ltd Company needs to be appointed. He will draw a remuneration of Rs.45000/- per month. My query is whether his aapointment be made by passing an Ordinary Resolution or a Special resolution. His present term of appointment is due to expire on 31st July,2013, thus, he needs to be appointed at a Board Meeting prior to the date of expiry of his appointment, subject to the approval of the shareholders at the ensuing AGM. As far as my knowledge, the terms of his appointment are within the provisions of Section 198, 269,310 and Schedule XIII. Thus, he should be appointed by passing an ordinary resolution. But I am not sure whether this is correct or not. I am a bit confused with the provisions of Schedule XIII and thus seek the expert guidance of the eminent experts.
Please guide me whether his appointment be made by passing an ordinary resoltuion or a special resolution. And is the approval of the Remuneration Committee required or Not.
03 July 2013
ur correct.. ordinary resolution would be required.. as far as approval of remuneration committee is concerned.. that would be required too..
CAclubindia
