Section 196

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This query is : Resolved

Revati Sathe (Querist)

22 December 2016 1. In case of Private Limited Co. a managing Director was appointed at the time of incorporation through old form 32 , no specific clasue about appointment of MD in AOA or no other agreement was executed , then how much period he can act as Managing Director ( He was mentioned as First Director not liable to retire by rotation in AOA )
2. can we pass a Board Resolution for increase in salary of MD and what other forms required to be filed
3. can any body share me Board Resolution for increase in salary of MD in case of private limited

c.bakshi

c.bakshi (Expert)

22 December 2016 1. i suggest you if the person is already appointed as managing director for last 5 years, file a fresh appointment for a period of 5 years & includes a salary increment clause in the said resolution.

2. Yes, you can do it by way of Board resolution if AOA specifies so & within prescribed monetary limit as per Schedule V which is recently revised.

Revati Sathe

Revati Sathe (Querist)

22 December 2016 is monetary limit is applicable to private limited also , when it is revised

c.bakshi

c.bakshi (Expert)

24 December 2016 yes it is.... Schedule V is applicable in the case of Pvt company, however, the limit can be doubled if this passed through a special resolution

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