Specific sub-section of 196 RE: [CSMysore] WTD

[Chandravijay Shah & Co. Gmail Main]

Please share specific sub-section of 196.

 

From: csmy...@googlegroups.com [mailto:csmy...@googlegroups.com] On Behalf Of Bharti Ahuja
Sent: 04 January 2021 13:01
To: CSMysore
Subject: Re: [CSMysore] WTD

 

Yes, as per section 196

 

On Mon, Jan 4, 2021, 12:47 Ekta Saxena <csektas...@gmail.com> wrote:

EVERY DIRECTOR OF PVT. CO. DRAWING SALARY AND DEVOTING FULL TIME, NEEDS TO BE APPOINTED AS WTD? 

 

Thanks 

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[Ekta Saxena]

[(4) Subject to the provisions of section 197 and Schedule V, a managing director, whole-time director or manager shall be appointed and the terms and conditions of such appointment and remuneration payable be approved by the Board of Directors at a meeting which shall be subject to approval by a resolution at the next general meeting of the company and by the Central Government in case such appointment is at variance to the conditions 5[Specified in Part I of that Schedule]

Provided that a notice convening Board or general meeting for considering such appointment shall include the terms and conditions of such appointment, remuneration payable and such other matters including interest, of a director or directors in such appointments, if any:

Provided further that a return in the prescribed form shall be filed within sixty days of such appointment with the Registrar.

(5) Subject to the provisions of this Act, where an appointment of a managing director, whole-time director or manager is not approved by the company at a general meeting, any act done by him before such approval shall not be deemed to be invalid.]

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[Ekta Saxena]

my question is whether all executive directors are whole time directors? That means form dir 12 for wtd is necessary required to file in that case?

Cant a director of the company be executive director? he necessarily needs to be appointed as wtd?

[Sneha Sharma]

An Executive Director has to be appointed on Board in the capacity of WTD or MD. Designation is must. For that in dir-12 for ED you will have 2 positions to appoint him/her as WTD OR MD.

Regards

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[Ekta Saxena]

Cant the director of private company be appointed as only executive director?

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