what is the procedure of appointing a MD in a public company having paid up share capital of less then 5 crore. and paying the remuneration more then 11%. is CG approval necessary
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Appointment of managig director in public company
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If the company is not a listed or subsidiary of any Listed company, CG approval is not required if the company complies with conditions of Schedule XIII of the Companies Act, 1956. Even for subsidiaries of listed companies, CG approval can be exempted if the specified conditions are complied with.
Procedure includes passing of Board resolution, shareholders resolution and CG approval if required. Notice of shareholders meeting should be made in accordance with Sec 302 and Sch XIII apart from other applicable sections. Certificate from practicing CS / Auditor also to be taken for compliance of Sch XIII.
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the company is not complying SCH XIII.
then apply to CG in e-Form 25A with necessary attachments.
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