COMPANIES ACT QUERIES .........not so urgent
This query is : Resolved
03 August 2010
Query 1: Can a minor be appointed as a director in public company / pure private company ?
Query 2 : Can a manager and MD co-exist simultaneously in a pure private company ?
Query 3 : Can a company issue unsecured debentures ? if yes, how ?
Query 4 : Do executive director comes into the ambit of "managerial person" for determining managerial remuneration ?
Answers with relevant provisions and case laws will be appreciated.
thanks in advance.
Query 2 : Can a manager and MD co-exist simultaneously in a pure private company ?
Query 3 : Can a company issue unsecured debentures ? if yes, how ?
Query 4 : Do executive director comes into the ambit of "managerial person" for determining managerial remuneration ?
Answers with relevant provisions and case laws will be appreciated.
thanks in advance.
03 August 2010
1. No…lack of contractual ability prevents a minor to become a director. Being a responsible designation a director must have power to enter into contrant.
2. No…refer section 197A
3. yes…but not very sure…however adoption of section 117 to 119 is necessary.
4. Not necessarily…however managerial personnel term includes MD, WTD and the Manager read with section 269..
Wait for other expert opinions…
Regards
2. No…refer section 197A
3. yes…but not very sure…however adoption of section 117 to 119 is necessary.
4. Not necessarily…however managerial personnel term includes MD, WTD and the Manager read with section 269..
Wait for other expert opinions…
Regards
03 August 2010
Agreed with Ankur however in query no. 3 unsecured debentures will be treated as public deposit so follow the rules of sec58A,
03 August 2010
@ankur garg : but in case of private company, consent of directors not needed , so is there a chance for minor being appointed a director. and so far contractual ability is concerned , the companies act doesn't provide anything contrary to that. since a minor can not apply for DIN,he would not be able to be a director.
am i correct ?
am i correct ?
04 August 2010
Your points are valid Anil Ji...Still there is no point of discussion regarding Minor because when you file DIN for minor director or later file form-32--- ROC will rejects the same...
Trust everything is clear now...
Trust everything is clear now...
04 August 2010
Point 3: Agree with Mr. Gaurav
Point 4: Executive Directors remuneration has to be included in the overall limits for managerial remuneration. We apply to CG for rem of our managerial personnel and the CG requires the executive directors rem to be included in the overall limits (irrespective of their designation being not MD, WTD or Manager)
Point 4: Executive Directors remuneration has to be included in the overall limits for managerial remuneration. We apply to CG for rem of our managerial personnel and the CG requires the executive directors rem to be included in the overall limits (irrespective of their designation being not MD, WTD or Manager)
04 August 2010
thanks all the experts..
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