Easily appoint a Managing Director for your Private Limited company with Taxoutlook experts
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Get a New Managing Director Appointed in Your Private Limited Company done quickly and easily online with TAXOUTLOOK in 3 Simple Steps
Our experts provide you all the information needed
You share us all the relevant documents
Relax!!We will get the things done
It Is possible that the Board of Directors can appoint one of its members as Managing Director of the company. The Managing director of the company exercises substantial powers of the management and is responsible for the day-to-day affairs of the company under the supervision of the Board.
A private limited company can appoint a member of the Board as managing director for a tenure of 5 years at a time. The managing director can be re-appointed for an additional term of 5 years. The re-appointment for an additional term of 5 years cannot be made earlier than one year before the expiry of his term.
Requirement for a person to get appointed as MD The following category of persons are NOT eligible to be appointed as Managing Director. a. is below the age of 21(Twenty-one) year or has not attained not attained the age of Seventy years. b. is an undischarged insolvent or has at any time been adjudged as insolvent c. has at any time suspended payment to his creditors or makes, or has made a composition with them. d. has at any time been convicted by a court of an offence and sentenced for a period of more than six months. Powers of Managing Director The Managing Director is entrusted with the Substantial powers of the management of the affairs of the company. However, the Managing Director must exercise such power under the overall supervision and control of the Board of the Directors.
Our compliance expert will be in touch with for the documents. Once you share these documents, we will complete the filings of necessary forms with RoC.
1. Hold Board meeting to approve the appointment of Managing Director and call for Extraordinary General Meeting (EGM).
2. Hold EGM and get the approval from shareholders.
3. In case the appointment of Managing Director is not in accordance with the Schedule V of the Act, the Company is required to obtain the approval of the Central Government.
4. Execute the agreement , as approved by the Baard with the Managing Director
5. Update the Statutory registers of the Company-Register of Directors, KMP etc.
6. File the Form MR-1 within 30 days of the appointment. Private Limited Companies are exempted from filing the MR-1 Form.
7. Form DIR-12 is to be filed within 30 days of the appointment. Also, Form MGT-14 is to be filed.
You don’t have to worry about the above process as our Compliance experts will help you in getting the company registration smoothly, quickly and hassle-free
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