Query regarding md apppointment

MD was appointed in a private limited Co. at annual salary of Rs.1750000/- ( monthly Rs.145833/-) for term of 3 years starting from 29/05/2010 and the term will end by 28/05/2013 

Subsequently the co. converted in to pub. ltd co. w.e.f. 9/11/2010

RELEVENT INFOMATION:

1. Date of incorporation - 13/08/2009 ( AS A PVT. LTD)

1. From the date of appointment of MD , the co. has no profits (as the commercial opperations of the co. yet to start)

2. At the time of appointment the co. paid up capital was Rs.140000/-

3. now ( 12/09/2011) the paid up capital of the Co. is Rs.368074200/-

QUERY:

1. whether the co. need  to comply the provisions of section 269 /schedule -XIII of the CA,1985

 if  the MD conitinues with the same salary and tenure i e. up to 28/05/2013

 

THE  VIEWS OF EXPERT EMBERS SOLICITED

 

Thanks

CS KRISHNA.CH

09912450688

 

Replies (1)

Dear Member,


MCA has relaxed provision by vide their press note dated 8 Feb 2011, regarding the remuneration of MD and now Company can pay his remuneration as approved by shareholders even if the Company is not having profits for that particular year.


As far as Secretarial Compliance is concerned, pass one more special resoluton in partial modification to earlier resolution, specifying Minimum Remuneration clause is now not applicable.



Regards

Jaideep Pandya

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
24 October 2026
CA Industrial Trainee

Fytomax Nutrition Private Limited

Aurangabad

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details