ED is WTD, if he is Appointed as such RE: Specific sub-section of 196 RE: [CSMysore] WTD
Chandravijay Shah & Co. Gmail Main
Private Limited Company:
ED is a WTD, if he is Appointed as WTD, not otherwise.
From: csmy...@googlegroups.com [mailto:csmy...@googlegroups.com] On Behalf Of Ekta Saxena
Sent: 04 January 2021 13:30
To: csmy...@googlegroups.com
Subject: Re: Specific sub-section of 196 RE: [CSMysore] WTD
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?
On Mon, Jan 4, 2021 at 1:28 PM Ekta Saxena <csektas...@gmail.com> wrote:
[(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.]
On Mon, Jan 4, 2021 at 1:27 PM Chandravijay Shah & Co. Gmail Main <chandrav...@gmail.com> wrote:
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
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Premnarayan Tripathi
Dear Friend,
Please consider below;
· Definition of WTD is given under sec. 2(94):-
(94) "whole-time director" includes a director in the whole-time employment of the company;
· Definition of ED is given under Rule 2(k) of the Companies (Specification of Definitions Details) Rules, 2014:-
2(k) “Executive Director” means a whole time director as defined in clause (94) of section 2 of the Act;
Hence, if there exists an Employer-Employee Relationship between the Company and Director, and he draws ‘salary’ as such, then he must be appointed as a WTD by following procedure laid down in section 196 of the Act. And DIR 12 should be filed accordingly.
Thanks & Regards,
Premnarayan Tripathi
PRT & Associates
Company Secretaries
606, 6th Floor, Shivalik Square
Nr. Adani CNG Pump, 132 Ft. Ring Road
New Vadaj, Ahmedabad – 380013
M: 89800 26497
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