Compliances for a private limited company (urgent)

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Querist : Anonymous

Querist : Anonymous (Querist)

30 October 2012 Dear Sir

We are a pvt. ltd. company not a subsidary of any public ltd co. Please Clarify the following.

1) How to find out whether a Director has been shown in the ROC records as executive director or a non- executive director?

2) Can salary be given to an executive Director not specifically specified as a Managing Director/ Whole Time Director as per ROC records?

3) We desire to pay two directors salary of Rs. 1,80,000.00 each annually, w.e.f. 01/04/2012. Any form required to be filed w.r.t ROC.

Please help

Ajay Mishra

Ajay Mishra (Expert)

30 October 2012 hi

For this, please check Form-32 of such director.

The provisions of remunerations of the Companies Act, 1956 will not apply to private limited company. Private limited is govern by their articles. If articles is silent then you can pay remuneration without any restrictions.

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Querist : Anonymous

Querist : Anonymous (Querist)

31 October 2012 Sir

What about compliance with ROC. Is there no compliance required?

NB: Directors as per Form 32 filed previously were shown as executive directors

Ajay Mishra

Ajay Mishra (Expert)

31 October 2012 Hi

If the Form-32 shown that you have appointed as executive director then you are free to pay remuneration to director from Rs. 1 to any amount subject to company's articles.

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Querist : Anonymous

Querist : Anonymous (Querist)

31 October 2012 As per current provisons remuneration attracts service tax. I want to pay salary so service tax can be avoided. Still u say that no roc compliance required. ???? or any other formalities??

Ajay Mishra

Ajay Mishra (Expert)

31 October 2012 Salary is covered TDS and sitting fees is covered service tax.

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