section 269 appointment of whole time director

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ROHIT (Querist)
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18 June 2009 Query: ABC SEZ limited a company incorporated with the authorized capital of Rs. 50 crore and paid up capital is Rs.35 crore and the company is appointing the whole time director and the reumeration of the whole time director is Rs. 232000/- p.m. What is the procedure to appoint the whole time director and is it neccesaary to take the approval of central government? please note that the company is incorporated with the word SEZ

Ankur Garg

Ankur Garg (Expert)
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18 June 2009 As per section-269 u have 2 options--

1. Appoint him with the approval of CG

2. Appoint him by following the provisions of Schedule XIII.

So it is not compulsory to obtain CG approval if u adopt II option.

Regards

ROHIT

ROHIT (Querist)
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20 June 2009 thanks for anticipation. But in Schedule XIII there are some exemptions regarding the SEZ. In this case it is not mandatory to get the approval from Central Government.

Regards

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