banner_ad

Re-appointment of managing director under schedule xiii

Others 778 views 4 replies

If a Company had defaulted in repayment of its debts and such default continues for a period of 30days, in that situation can a Listed Public Company Re-appoint its Managing Director with NIL Remuneration as per the applicable provision of Part I of Schedule XIII?

Replies (4)

Yes...company can appoint MD

Whether there is any criteria in Part I of Schedule XIII that the Company can re-appoint MD without remuneration if it has not made any default in repayment of any of its debts (including public deposits) or debentures or interest payable thereon for a continuous period of thirty days in the preceding financial year?

Hi,

 

Section II of part II of Sch XIII.

Ceiling limit specified in point 1 are applicable in case company has not made default in repayment of its debts for a period of 30days in preceding FY.

 

In your case, such default prevails hence you can not pay remuneration in this case.

 

Restriction is on remuneration in part II. There is no bar on appointment/reappointment.

 

With Regards,

 

CS Neha Jain 

 

The Company can reappoint on remuneration as well..

 

But Part II of Section II of Schedule XIII should not be applicable on remuneration.

 

 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details