03 July 2014
In case of increase of remuneration of Director in PVT LTD Company, whether we required to file MGT-14 because in PVT LTD Director or Managing director(MD) is same and director satisfied the definition of MD.
04 July 2014
Requirement to have a Managing Director is govern under section 203(1)(1) of the Companies Act, 2013 read with Rule 8 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Rule 8 restrict the operation of Section 203 to Listed Company and Public Companies having Share Capital [Paid Up] of Ten Crore or More. Although increase / decrease the remuneration of Managing director triggered on Sec. 117(3) (c) so as to file MGT-14 u/s 403 since M D itself not required to have in private limited company there is no need to file MGT-14.
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