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In a Pvt Ltd Co. having paid up less then 05 Crores, they have appointed CS in 2013 in the board meeting under the old Act, BR passed in 2013 doesn't have remuneration details in it. Now they want to revise the remuneration of CS w.e.f 01st April, 2015 do they need board Approval for revising the remuneration of CS?

Section 203- Appointment of key managerial personnel.

Posted By: Sunny bajaj 9 year(s) ago

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Sunil Kumar Singla

The provisions of KMP are not applicable to Prviate Company therefore the company need not to designate him as KMP and the requirement to place the remuneration detail is of KMP not of Company Secretary. Therefore no Board Approval is required

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Parasuram

No Need to pass any resolutions for CS remuneration changes.

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Ankush Lawate

No need to pass any resolution for revision of remuneration of Company Secretary...

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Sunny Bajaj

Hi Ankush, appreciate your answer but what about sec 203(2) which says every kmp shall be appointed by BR containing the terms of appointment including the remuneration, since CS falls under the KMP however this section not apply to pvt cos having paid up less then 05 cr but still if pvt co has voluntarily appointed CS do they need to comply this section every time whenever there is change in the terms including the remuneration of CS/KMP.

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