Hi,
Just wanted to confirm a few points before taking the course of action:
A Ltd. is a public listed Company. At its Board Meeting held Today, the Co. has approved, subject to the approval of shareholders, the reappointment of Managing Director, for a further period of 5 years with effect from 20th October, 2011 on the same terms and consitions of remuneration as were paid to him earlier. The aforesaid reappointment is under Sections 198, 269, 309 read with Schedule XIII of the Companies Act, 21956. Part I of the said Schedule is applicable as the Company has adequate profits.The GM will be held in September.
In the aforesaid case, kindly re-confirm that:
Form 23 is to be filed within 30 days of the GM
Form 25C is to be filed within 90 days of the GM.
Also, whether a formation of Remuneration Committee is mandatory in such a case. I read in a reference book that Remuneration Committee is mandatorily required when paid up cap of Co. is Rs. 5 cr or more and remuneration is paid in case of absence or inadequacy of profits.
Request any senior member or expert on the subject to throw some light on the same.
CAclubindia
