A CO HAS PROVIDED IN ITS ARTICLE THAT AUTHORISED CAPITAL IS DIVIDED IN THREE PARTS REPRESENTED AS 'A' , 'B' AND 'C'. IT FURTHER PROVIDE THAT HOLDER OF 'A' CAPITAL WILL APPOINT TWO DIRECTOR AND SAME WAY HOLDER OF 'B' AND 'C ' CAPITAL WILL ALSO APPOINT TWO DIRECTOR EACH. IT FURTHER PROVIDE THAT IN A BOARD MEETING A RESOLUTION CAN BE PASSED WITH MAJORITY SUBJECT TO ONE AFFIRMATIVE VOTE OF EACH 'A' , 'B' AND 'C' DIRECTOR.

IF SUCH TYPE OF CLAUSES ARE VALID AND MEET THE REQUIREMENT OF COMPANIES ACT .

In a Company Two brothers are part time director and does not get any remuneration from the company .Company wants to appoint one director as advisor for a particular project and want to give 75000 P.M. advising fees .Whether this Case will be covered in section 314(1B).

Our company is Non-Banking Finance Company. WE received RBI notice for Board resolution for accepting the KYC norms

Please send me the format for Board Resolution for accepting the KYC(Know Your Customer)policy as prescribed under our circular DNBS(PD) CC 48 dated February,21, 2005

A partnership firm cannot become a member in a company.It can be a member in a sec 25 company?? Wat is objective behind this ???

Is there any limit for the remuneration of directors of a pvt co.? I am the director of a pvt ltd co. The Co.s profit before my remuneration is Rs.5,00,000/-. I demanded a remuneration package of Rs.6,00,000/-p.a. But my legal solicitor rejected it saying that my remuneration will lead to a loss picture not acceptable by IT Act and also that a ceiling has been fixed by the Co.s Act. I also came to know from my friends that this limit is not applicable for a pvt ltd co. Can anyone clarify me that whether i could draw excess remuneration than the profits? Whether this will be accepted by IT authorities and MCA authorities?

A public limited company want to have a new company as Subsidiary. What all exemptions & benefits the parent earn by having a subsidiary. If no benefit of a subsidiary then will it be legally beneficial to set up a new company with same MD & Directors?

Hi,
I would have following queries:
1. Does Managing Director of a pvt ltd company have any special rights ?

2. Is it possible to appoint a new director in a pvt ltd company without board of director resolution

3. Is it possible for a founding director (Managing Director) to transfer the business/ assets of a company to another company without written consent/ resolution from other founding directors.

Thanks
Alok

1.whether full time employee of XYZ Co.is eligible to become director of ABC Pvt.Ltd.Company?

2.If yes can he become Executive director?

3.Any restrictions for being director of Pvt.Ltd.Company.

4.Whether out of two directors at least one should be Executive director?

Dear Sirs,

A Pvt. Ltd. was incorporated on 13.01.2010. Each of the two subscribers signed for 10,000 Eq. Sh. of Rs. 10/- each. Each paid Rs. 50,000/- in cash. The balance is yet to paid. Can the subscribers take the balance shares after 31.03.2010 and file ROC Docs. for the period 13.01.10 to 31.03.10 with Rs. 1 Lac paid up capital ? If no, kindly mention the section for reference.

I was informed that FORM 2 is not reqd. for subscriber allotment. Pls confirm the section which exempts such allotment.

Pls reply.

Best Regards
G. Sharma

Hi All,

My query is regarding the Nominee directors appointed by the wholly owned subsidiaries of Financial Institutions, where the wholly owned subsidiaries are incorporated under the provisions of Companies Act, 1956.

Whether such directors will be governed according to the provisions of Companies Act or whether the Agreement with which they have been appointed supersede all other acts and provisions.

If the answer is in Negative, then please do tell me how can these companies override the provisions of Companies Act while functioning under it.