• Filter Your Search
            
       
 
Notifications
(0)
Circulars
(0)
Orders
(0)
News
(0)
Queries
(0)
No updates found in last 7 days.
Notifications|Circulars|Orders|News|Queries


Q & A

 
1587 Views 3 Ans

We are pvt limited company operating from SEZ with share capital less than 20 crores. We will be appointing an executive director shortly. In this connection, could you pl clarify the following: a) whether sec 196 is applicable for us b) whether sec 197 is applicable for us? c) do we need to file MR-1? d) Any other form that will be required to be filed in this regard apart from DIR-12 either on a monthly/quarterly/annual basis?

Director

Posted By: Tci chemicals india pvt ltd 10 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

Yes, provisions of section 196 is applicable on such company provided the conditions as laid down in part I of Sch V regarding resident in India in point(e ) shall not be applicable and provisions of sec197 and schedule V is applicable to such companies in case if company has no profits. Further, it shall also require to file MR-1 apart from DIR-12 like any other private company.

  • Comment
  •   Comment (0)

    RAMAMURTHY

As of now, the exemption notification is only a draft. We do not know when it will come. Hence assuming that schedule V is applicable, do also file the MR-1. The maximum remuneration that is allowable for units in SEZ is Rs. 2.4 crores for the year. Hence pass the resolutions and file MR-1 also apart from DIR-12. You also need to file MGT-14. No other quarterly or monthly filing. Annual filing is not there.

  • Comment
  •   Comment (0)

    s.m.a.millath

section 197 is applicable to Public company. As per notification pending in Parliament private companies are being exempted from section 196 (4) and (5). Compliance to be made accordingly.

  • Comment
  •   Comment (0)

Recently Active Member

Recently Active Member

Pramod Prabhudesai
B D Jokhakar & Co

Post Your Question
My Q&A
 


Topic

Sections

About Q&A

Q & A is a unique platform to get your answers. You can create questions by topics or sections for easy identification of your query . You get various alerts to keep you connected and can also search your query.


So keep posting and stay connected
#
Companies Act 2013/1956
Decoding the New Act
Resource Center
My Section
Information Cafe
Calculators


COPYRIGHT NOTICE: All information and material posted in this website (including but not limited to text, audio, video or graphical images), are subject to copyrights owned by Corporate Professionals eSolutions Private Limited, its affiliates and associates. Any reproduction, retransmission, republication, or other use of all or part of this document is expressly prohibited, unless prior permission has been granted by Corporate Professionals eSolutions Private Limited. All other rights reserved.

© Corporate Professionals eSolutions Pvt Ltd. | All Rights reserved
Scroll