a person was appointed as the managing director of a private limited company for 5 years
the people forgot to reaapoint him as the managing director 2 years back
now what remedy would be avaialable to the company so that the person appointed continues to be the managing director
rgds
File fom 32 alongwith back dated certified copy of board resolution showing reappointment of such director. Also ensure the procedure as mentioned in company's AOA for appointment of MD.
| Originally posted by : Raman | ||
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a person was appointed as the managing director of a private limited company for 5 years the people forgot to reaapoint him as the managing director 2 years back |
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First of all pls note that even if paid up capital of private company is more than 5 crore it is not required to appoint MD as section 269 is not applicable to it.
Even if private company on its own appoints a MD, he can be appointed for a period of 5 years or even for life time.
In view of above it is suggested that you again appoint him as MD now for life time and file form 32 of change in designation for termination of his office.
Hence in your case even if he was not reappointed as MD after expiry of his term of appointment which is 5 yrs as mentioned by you, then also there is no statutory requirement to reappoint him again.
CAclubindia
