Hi All,
Ours is a pvt. co say (y) which is a subsidiary of a foreign co. say ( x). X holds 100 % of the share capital of Y. The MD who was appointed on 1st of DEC 2010 for 2 year term, expires this year on 30th Nov 2012. I am not required to take the approval for the remuneration of MD from CG as per the amendment in Sch 13vide notification No 534(E) dated 14th July 2011 read with recent notification dated 16th Aug 2012. which provides that no CG approval is reqd. if the MD is not having any interest in tha Capital of the Company or its Holding Co. directly or indirectly or through any statutory structures and not having any direct or indirect interest or realted to any of the directors/promoters of the company or its holding company at any time during the last two years before or on the date of appointment.
I need to reappoint the MD.
Do i have to take the approval of CG for reappointmnet in form 25 A..
i have shown a BM on 4th sep for MD appointment and on the same date i am showin the Remuneration commitee meeting too. The agm date is 28th sep 2012. The remuneration paid to The MD is more than 5 % of the profits. Do i need a remuneration committee approval in thsi case. Will jst remuneration commitee approval of the Remuneration suffice in this case or there are more procedures to it.
I want to knw whether it is mandatory to show the approval of appointment in the very next GM after the BM for appoitment. It is ok if i dnt show approval in GM of this year which is held immediately after the BM and instead approve the appointment in the next year's AGM.
What are the forms that are required to be filed.? When are they to be filed. Do i have to file Form 23 after approval in GM (within 30 DAys).
D0 i need to file form 25 C. If yes..When shud i file it.(90 Days) of which date EOGM, BM.
Thanks & Regards
CAclubindia
