Hi Members,
Please tell me from which date 90 days are to be counted for the purpose of filing of Form 25C in respect of appointment of MD if the date of appointment and board meeting are different.
E.g. BOD passed resolution on 01.01.2013 to appoint MD w.e.f. 15.01.2013 then from which date 90 days are to be counted.
Thanks.
When appointment of MD is done in a board meeting, Form 25C should be filed within 90 days from the date of that board meeting. The copy of resolution passed by the board is to be attached with Form 25C. The appointment and remuneration of MD shall be subject to approval by a resolution of the shareholders in the first general meeting held immediately after the appointment by the board.
In your case, the 90 days time period will be counted from 01.01.2013.
Section 269(3) says that every application made to central govt. under form 25C within 90 days from the date of appointment.
In your case Date of appointment is 15.01.2013, hence, within 90 days from 15.01.2013.
Thank you for your replies member..
But its not still clear to me since two learned memers have different opinions. Please clarify..
Thanks again..
Dear Amit, from my point f view, the days will be counted from the date of appointment i.e. when the board resolution passed to appoint the MD as per Section 269 (3). As in Board resolution we pass the resolution that "Resolved that Mr.... is appointed as MD of the company u/s. section 269, 198, and otehr provisions of the act read with Schedule XIII, and subject to the approval of Shareholders in the General Meeting."
It states that the MD is appointed on Board Meeting date and is approved on General Meeting and if MD is not approved by share holders then he is to vacate his office and to repay back the whole salary, prequits etc to the company when he vacate the office subject to the non approval of share holders"
Other members views are welcomed.
Thankyou for your reply sir..
I have filed the e form 25C after 90 days from the date of Meeting appointing MD but before expiry of 90 days from the effective date of appointment and no additional fees was charged which implies that the due date is to be counted from the effective date of appointment and not from the date of meeting.
I need help with this too. Thanks Sumit. BTW, if anyone needs to fill out a form 25c, I found a blank form here https://goo.gl/rHXc9s
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