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Appointment of whole time director in a private limited company and restriction on remuneration

Shruti (CA) (24 Points)

27 August 2019

Can anyone help me with the procedure for appointment of Whole-time director in a private limited company?

Also is there any restriction on payment of remuneration in case of a private limited company.

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Chirag (Professional) (1979 Points)
Replied 04 September 2019

Appointment of Whole Time Director

First Appoint person as Additional Director in the Meeting of Board, and also as Whole Time director (Subject to conformation in Ensuing General Meeting), File Form DIR -12(With DIR-2,DIR-8,CTC OF BOARD RESOLUTION) also File MGT-14(With CTC OF board Resolution)

At AGM, Propose regulization of Director, and confirm appointment as Whole Time Director, Again File form No. DIR-12 & MGT-14 ,Attach following Attachments with DIR-12
-Ordinary Resolution to Appoint as Director/WTD
-T&C of appointment (agreement)
-Board Resolution (Old)
MGT-14 [ resolution to appt as WTD & DIRECTOR)

As per exemption to Pvt cos, There is no need to file MR-1,Also Remuneration can be decided under Tnc of appointment or by board subject to confirmation in AGM