Legal compliance under Companies act
This query is : Resolved
15 December 2010
Respected Experts,
I am working in a software company based in Pune having it's HO at NY USA. My companies MD [Residential Status:NRI] is on US Payroll and now he has shifted to India (Pune unit) payroll effective 01-DEC-2010.My questions are as follows:
1. How to document this arrangement?
2. Do we need to sign any employee agreement or do we need to execute any board resolution to accommodate this change?
Thank you.
- Rahul
I am working in a software company based in Pune having it's HO at NY USA. My companies MD [Residential Status:NRI] is on US Payroll and now he has shifted to India (Pune unit) payroll effective 01-DEC-2010.My questions are as follows:
1. How to document this arrangement?
2. Do we need to sign any employee agreement or do we need to execute any board resolution to accommodate this change?
Thank you.
- Rahul
15 December 2010
Since your MD is an NRI, if he is posted to Pune Unit, his appointment will not be in accordance with Schedule XIII as per Part I(e). Hence you need to get the Central Government approval by filing Form 25A.
His appointment and remuneration need to be by way way board resolution followed by approval of the shareholders in general meeting as required under Part III of schedule XIII.
His appointment and remuneration need to be by way way board resolution followed by approval of the shareholders in general meeting as required under Part III of schedule XIII.
16 December 2010
Hello Jayashree,
Thanks for your reply.
To have a better clarity on the issue raised below are few more facts related to my query:
- My company is a private limited company [STPI 100% EOU Unit] registered with ROC Pune, and it's not a subsidiary of any public limited company.
- The company is not situated in SEZ
Please reply at the earliest.
Thank you.
- Rahul
Thanks for your reply.
To have a better clarity on the issue raised below are few more facts related to my query:
- My company is a private limited company [STPI 100% EOU Unit] registered with ROC Pune, and it's not a subsidiary of any public limited company.
- The company is not situated in SEZ
Please reply at the earliest.
Thank you.
- Rahul
16 December 2010
Hello Jayashree,
Thanks for your reply.
To have a better clarity on the issue raised below are few more facts related to my query:
- My company is a private limited company [STPI 100% EOU Unit] registered with ROC Pune, and it's not a subsidiary of any public limited company.
- The company is not situated in SEZ
Please reply at the earliest.
Thank you.
- Rahul
Thanks for your reply.
To have a better clarity on the issue raised below are few more facts related to my query:
- My company is a private limited company [STPI 100% EOU Unit] registered with ROC Pune, and it's not a subsidiary of any public limited company.
- The company is not situated in SEZ
Please reply at the earliest.
Thank you.
- Rahul
16 December 2010
If yours is a private company provisions relating to appointment of MD and managerial remuneration will not apply.
You can by passing a board resolution appoint MD and fix his remuneration.
You can by passing a board resolution appoint MD and fix his remuneration.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- GST ISD Query on various AMCs
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Missed TDS
- TDS NOT YET CREDIED
- PF wage ceiling
- Itr processing refund
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
