Regarding form32

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2013 when trying to upload form 32 with changes in
director under category independent it is showing a message that it is possible only public limited or listed companies. So my question is why not applicable to private limited company.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

06 June 2013 The concept of independent director's was introduced vide clause 49 of the listing agreement of Securities and Exchange Board of India which is only applicable to listed public companies.

Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2013 But sir why then when i am trying to upload its showing error message

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

06 June 2013 Error is because your company may be either an unlisted public limited company or a private limited company.

Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2013 Yes sir our company is a private limited company and when the company was incorporated we designated a person as director under independent in the year 2010, is there any change in rule please suggest.

Ajay Mishra

Ajay Mishra (Expert)
Follow

22 June 2013 Agree with Warrier Sir.....

The provision of Independent director is not applicable to private limited company. In 2010 the MCA21 has not implemented software to trace this error. Now last 2 and half years the error is displaying by MCA21.

So, now u can not appoint any person as independent director in private company.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok