Form 32 doubt

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 October 2013 pls tell in Form 32 categories - Promoter, Professional and Independent are there and whether Chairman, executive or non executive director is there.. how we can know whether the director to be appointed falls in which category as nothing is mentioned in the resolution appointing them as director?

thanks in advance to learned members

Ajay Mishra

Ajay Mishra (Expert)
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31 October 2013 Hi

In case of private company you can choose only two category, either promoter or professional. The provision of Independent director will not apply to private company.

The term executive or non executive will be based on your terms of appoint that you are paying any remuneration or not to such director if he is not MD or WTD.

Querist : Anonymous

Querist : Anonymous (Querist)

31 October 2013 thanks very much sir.. u want to say that if we pay remuneration then they are executive otherswise non - executive? and who are professional directors?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 November 2013 An individual having professional qualification and do not have any pecuniary interest in the company are called as 'Professional Director'. The intention is to utilise his/her expertise in the management of the company.

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