Section 203 of the Act

    Posted By : CS Shiriti / Published on : 07-Apr-2020 03:51 PM / View : 28 / Comment : 0
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    One Private Limited Company has appointed “Voluntarily” (Not Mandatorily as required in terms of Section 203 of the Act) one office of the Company as CEO who is not a Director of the Company. Kindly clarify the following:-

    01. Will he term and considered as KMP in term of Provision of Section 2(51) of the Act?

    02. Will, he termed and considered as an officer in default in terms of Provision of section 2(60) of the Act?

    03. Whether the Company requires to File Form DIR-12 in respect of his appointment as CEO ?

    04. Is it mandatory to disclose details of the appointment of such CEO in Board’s Report in terms of section 134 (3)(q) read with sub-rule 5 of rule 8 of the Companies (Accounts) Rules, 2015?

    05. Is it mandatory to sign Financial Statements by him in terms of section 134(1) of the Act? '
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