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Corporate and Economic Law YouTube - Rishabh_.speaks

CHAPTER 2: APPOINTMENT AND REMUNERATION OF MANAGERIAL

PERSONNEL
(1) Appointment of Managing Director, Whole-Time Director or In case of Private company – given Section 196(4) shall not apply
Manager [Section 196] In case of Government company – given Section 196(2) and (4)
shall not apply
(i) Appointment of MD and Manager [Section 196(1)]
• Appointment & remuneration of managing director / Not
whole time director / manager to be 1st approved by applicable
BOD then approved by resolution at next AGM. in case of
Nidhi co,
• If condition in sch-V not satisfied then approval by CG
Govt Co.,
also (in form MR-2in 90 days of appointment)
Private Co,
(ii) Tenure [Section 196(2)] • If approval not obtained in general meeting then act which has
no
done by him by approval shall not be deemed to be not
reappointment defaulted
invalid.
earlier than 1 Maximum 5 years u/s 137
• After every such appt form no. MR 1 to be filled within
year before and 92
60 days of appointment (Not for CEO,CS,CFO)
expiry of term
(iii) Disqualifications for MD, WTD or Manager [Section 196(3)]
No company shall appoint or continue the employment of any person Schedule – V (Part – I)
as MD, WTD or Manager who- Extra conditions to be fulfilled to appointment managing
If once
director / whole time director/manager w/o CG Approval
approved by
*Below the age of 21 years or has attained the age of 70 • Not sentenced to imp for Any period Or Fine > 1000 CG then no
years; or Under 19 acts (If offence Is compounded then its “0k”) need for
• Not been detained for any period under "conservation Of taking
F.exch & Prevention of Smuggling Activities act, 1974". approval for
• > 21 years or < 70 years. If more than equal to 70 years reappointme
and SR has been passed then approval of CG is not nt
required. [SO if no SR passed then by CG approval
• Resident Of India
• With remuneration max permissible limit,

*Provided that appointment of a person who has attained the age

of 70 years may be made by:
(1) passing a special resolution with an explanatory statement
indicating the justification for appointing such person.
(2) where no such special resolution is passed but votes cast
in Favour of such motion, and the Central Government
is satisfied, on an application made by the Board, that
such appointment is most beneficial to the company, the
appointment of the person who has attained the age of 70
years may be made.

(iv) Procedure of appointment of MD, WTD or Manager [Section

196(4)]

Subject to provisions of Sec. 197 and Schedule V

Approval of shareholders in next GM

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(iii) If there is more 10% of the net With the approval
than one Managing profits of the company in
(2) Overall maximum Managerial Remuneration [Section 197(1)] director/ Whole general meeting by
S. Conditions Maximum Conditions when time director/ Special Resolution,
No. remuneration in remuneration can manager this limit may be
any financial year exceed as referred in exceeded.
column (b) (iv) If there are 1% of the net Approval of the
(a) (b) (c) directors who are profits of the company in general
(i) Overall limit 11% of the net Company in neither Managing company if there meeting by Special
profits of the general meeting director nor is a managing Resolution is
company for that may authorize whole time director or a required.
financial year the payment of directors whole-time
remuneration director
exceeding 11% of (v) If there are 3% of the net profits Approval of the
the net profits of the directors who are of the company if company in general
company subject neither Managing there is no managing meeting by Special
to provisions of director nor whole director or whole- Resolution is
Schedule V. time directors time director required.
(ii) If there is one 5% of the net With the approval
Managing profits of the of the company in
director/ Whole company for that general meeting by
time director/ year Special Resolution, •
manager this limit may be
exceeded.

Where the company has defaulted in payment of dues to any bank

/ PFI/ non-convertible debenture holders / any other secured
creditor, the prior approval of the bank / PFI concerned / the non-
convertible debenture holders / other secured creditor, as the case
may be, shall be obtained by the company before obtaining the
approval in the general meeting.
In case of Government Company, Section 197 shall not apply.

(3) Appointment of KMP [Section 203]

(i) KMP [Section 2(51)]

• MD/ CEO / Manager

• WTD (in absence of MD/CEO/Manager)
• CS;
Who are • CFO.
KMP's? • Officer not more than one level below
the directors (in whole time employment
designated as KMP)
• Other prescribed officer

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NMT Stands for not more than

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❖ Section 198: Calculation of profit –

Income

To be included Not to be included

Subsidies from Govt. a) Profit by way of premium, or discount

except CG direct [unless company is a investing
otherwise.
company];
b) Profit on sale of forfeited shares;
c) Profit from capital nature;
d) Profit from sale of immovable
property [unless ordinary business];
(In case of prop sold above WDV then credit = original cost
– WDV)

e) Unrealized gain, notional gain,

revaluation of asset.
Expenses

Deductible expenses: Not deductible expenses:

a) Usual working charges a) Income tax
b) Director remuneration (not from GP) b) Compensation which is paid
c) Bonus, commission voluntarily
d) Tax notified by CG in special circumstances. c) Loss of capital nature.
e) Any tax on business profit
f) Int. on deb. Issued by company
g) Int. on mortgage executed by company
h) Int. on unsecured loans
i) Repairs (not capex)
j) Dep to the extent sec.123
k) Any damages, compensation
l) Way of ins against any risk
m) Bad debts

❖ Sitting Fees [shall be over and above remuneration]-197(5)

• Shall not exceed Rs. 1 lakh Per meeting of BOD (For adj meeting no separate fees)
• Independent & Woman directors sitting fees shall not be less than fee payable to other
director.

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❖ 197(9)(10): if director draws excess remuneration than section 197, then -

Refund within & until that -hold money as

2 years a “trustee of company”

• Company can’t waive such refundable amount.

• However, within 2 years by SR it can be waived. [if any default in bank, PFI,NCD then
before passing SR, their approval is required]

❖ 197(16): Auditor in report u/s 143 shall make statement regarding:

• Whether remuneration is in accordance with section 197 or higher.
• Whole section 197 N.A. to govt company [ 137, 92 ],Pvt Co.
• For Nidhi company: Remuneration of director who is not managing director, whole time
director, manager & providing specific services as per AOA to be paid on monthly payment
& approved by company in general meeting.
• No approval in general meeting required if:

Company does not have + Remuneration in F.Y. approved by SR

MD / WTD / Manager of all director
 10% of NP Or
15 L
Which-ever is lower

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Rule – 8A: In addition to rule-8, a private company with paid up share capital of 10 Cr. Or more shall
mandatorily have a whole time Company Secretary.

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Please refer ICAI Mat Pg No. 1.69
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a. Asset and liabilities including contingent liability outside

India of person resident in India
b. Asset or liability in India of person resident outside India.
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 SPOM SET - A Youtube - Rishabh_.speaks
Corporate and Economic Laws Telegram - https://t.me/rishabhspeaks

Actual MCQ’s asked in exam

(Memory based)
Act Name Sl NO. Particulars Answers

1 Political party contribution limit Any amount as per company discretion.

2 Case Study related to Calculation of remuneration payable to Directors/managers Not applicable
3 Nidhi Company net owned fund & & effective capital calculation Net own fund of 10 lakh or more
4 Remuneration in case of Inadequate profit Revise entire section 197
5 SSD Appointment - How many number ? How many days before ? Only 1 SSD, notice of atleast 14days
6 Wind up Qn Shareholder conditions of 6m out of 18 months Refer section 272 (ICAI Study mat pg no. 7.4)
7 SSD in 2 companies not in competitive business Allowed (Section 151)
8 Can CG allow compensation to MD removed May or may not
9 Power of ROC to conduct investigation Refer section 213
10 Excess remuneration paid to director shall be recovered Yes within 2 years
11 Can a SSH director be appointed in more than 1 company as SSH director? (CS-1 on SSH director) Yes, the other company shall not be in same business
12 No. (3 Years cooling period)
Can a SSH director have any relation/transaction with the company after completion of tenure? (CS-1 on SSH director)
13 Can a SSH director be reappointed? (CS-1 on SSH director)? No
14 Can a Nidhi company accept deposit or lend money to person other than members? No
15 Time limit for appeal against the order of NCLAT to Supreme court? (Question of law) 60 days
16 Consent of how many creditors for Corporate debt restructuring? Not less than 75% of secured creditors in value
17 Prevention of operation & mismanagement (i.e., removal of director) Refer chapter 6
18 Max number of Independent directors in Listed Company 1/3rd of total number of directors as ID
19 Grounds on which ROC can send the written notice & for which it can't send written notice? Refer chapter 4
1. At the first meeting of the Board in which he participates as a
director, and
20 In which meeting, disclosure of interest by director is require 2. thereafter, at the first meeting of the Board in every financial year,
or
3. whenever there is any change in the disclosures already made,
then at the
Penalty first25,000
of Rs. Boardevery
meeting heldfor
officer after
notsuch change.
serving notice
21 Penalty for not serving notice to an director
 Person who has been a member' shall only be liable to contribute if
current members are unable to pay their share, as per the Tribunal.
But is NOT liable to contribute in following cases:
22 If contributories failed to contribute the capital, who is liable to pay the unpaid amount?
i. If he ceased to be member for one year or more before the
commencement of winding up,
ii. Debt or liability is contracted after he ceased to be a member
Rule 5 of Nidhi Company rules (ICAI Pg no. 8.22)
1. Minimum PU_ESC - 10 lakh Rupees
2. Every Nidhi shall, within a period of one year from the date of its
incorporation, ensure that it has—
23 NIDHI Company Limits paid up share capital, max deposit, max loan etc. (i) not less than two hundred members;
(ii) Net Owned Funds of ten lakh rupees or more;
Companies Act, (iii) unencumbered term deposits of not less than ten per cent of the
2013 outstanding deposits as specified in rule 14; and
(iv) ratio of Net Owned Funds to deposits of not more than 1:20.

The quorum for a resolution by circulation is the written consent of

24 Quorum in case of meeting by circulation
the majority of the directors entitled to vote on the resolution.
Section 149 (1), 2nd Proviso
1. Every listed company
25 Women director appointment limit 2. Every other public company having
(i) PUSC of 100 crore or more
(ii) Turnover of 300 crores or more.
Listed public company - 1/3 of total no. of directors
Other prescribed class of companies -
26 No. of independent directors required? (i) Public co having PUSC of Rs. 10 crore or more
(ii) Public co having turnover of Rs. 100 crore or more
(iii) Aggregare outstanding loan/deposits/borrowing >50 crores

27 Small Shareholder notice timelines 14 days prior notice (section 151)

28 Whether pvt companies are require to appoint CS ? If PUSC of Rs. 10 crores or more
29 Age limit for KMPs' ? Minimum 21 Years, Maximum 70 Years
30 Political party contribution limit Any amount as per company discretion.
31 Siting fees to be paid to Women directors Not less than payable to other directors
32 Board minutes circulation / draft minutes & it's approval Refer section 173
33 Sec 230— creditors compromise arrangement Refer section 230
34 Sec 197 — calculation of net profit Refer section 197
20 (Maximum public company including subsidiries of public
35 Max no. of directorship company - 10 out of 20)

36 Can women director be paid less sitting fee than sitting fee payable to other directors? No
37 Company didn’t made any transaction during the past 2years. What is Status of the company? Inactive company not "dormant company"
38 Minimum directors in case of a public dormant company? 3 directors
 39 Upto what period RoC can strike off the name of the dormant company? After expiry of the time mentioned in the notice sent by RoC
Shareholder holding not less than 10% of shareholding and
40 Who can oppose the scheme of C& A? outstanding debt holder of minimum 5% of total outstanding debt

If 25% or more oustanding creditors oppose such scheme. (Section

41 Objection to CDR by how many outstanding creditors? (%age of outstanding creditors)
230(2))
Yes, if SR is passed within 2 years from date such sum beocmes
42 Can excess remuneration paid to directors be waived off by the company? (CS-4) receivable.

43 In whose trust the director shall hold the excess remuneration(CS-4) In trust of company
44 Maximum remuneration payable to NED based on calculation of effective capital? Based upon case study. Refer Pg 2.18 of ICAI Study Mat.
Any insider shall be liable to a penalty which shall not be less than
ten lakh rupees but which may extend to twenty-five crore
45 Penalty for SEBI Insiders trading? rupees/three times the amount of profits made out of insider trading,
whichever is higher.

46 Max no. of Committee In which Directors can be part of? Maximum 10 Committees (Chairman of Max 5 Committees)
47 Provision regarding SEBI attached the bank accounts Refer SEBI Act
48 SEBI Quarterly compliance dates for Listed co. Refer Page 1.58 of ICAI study mat.
49 Offer Price, prospectus, grievances related provisions Refer relevant provisions
50 LODR & ICDR Time limits Refer relevant provisions
51 11 days limit on change in shareholders right 11 Days
CG can remove, 65 years maximum age, Atleast 3 month notice of
52 Who can remove member of SEBI Board, Age eligibility, notice of resignation
resignation.
If any person indulges in fraudulent and unfair trade practices
relating to securities, he shall be liable to a penalty which shall be
higher of -
53 Penalty for unfair trade practices
SEBI (i) not be less than five lakh rupees but
(ii) which may extend to twenty-five crore rupees or
three times the amount of profits made out of such practices,.
54 ICDR minimum application amount to be specified? Refer page 1.117 of ICAI study mat.
55 IPO to be open for Min & max time limit Minimum 3 working days, Maximum 10 working days
Net tangible asset of atleast 3 crores out of which not more than
56 When a company is eligible for IPO? (Net tangible asset criteria wala question) (CS-2 SEBI) 50% are monetary assets.

57 Can a company issue IPO if ESOP’s are outstanding? (CS-2 SEBI) Yes
58 Minimum assets along with monetary asset limit criteria? (CS-2 SEBI) Maximum monetary assets - 50% of net tangible assets
The issuer may mention a price or a price band in the offer document
(in case of a fixed price issue) and a floor price or a price band in the
59 How to determine share price under Book Building issue? (CS-2 SEBI) red herring prospectus (in case of a book built issue) and determine
the price at a later date before filing the prospectus with the
Registrar of Companies.
 60 Who has the power to remove members of SEBI? Central Government
61 SEBI chairperson age limit and minimum notice period to be served by CP for retirement Maximum age of 65 years + notice period of atleast 3 months
62 Reporting by bank of receipt of FC. within 48 Hours
63 What is the amount of gift from relative, which is not considered as Foreign contribution ? market value Upto 1 Lakhs
FCRA 64 Validity of CoR of trust? 5 Years (Section 11)
65 Cooling period for which CoR shall not be granted in case of breach of FCRA regulation? 3 Years (Section 14)
66 Is order/direction by CG to banking authority for trust is binding on banking authority? Yes
67 Financial creditor (FC), before filing application for IBC shall sent intimation to whom ? Corporate debtor
OC having >= 10% of total outstanding debt can attend meeting but
68 To which operational creditor (OC) notice to be served cannot vote

69 Many Limits like Public notice & etc... Refer IBC entire chapter
70 1.Who can be appointed as Provisional liquidator/ Company liquidator? (Whose name is there in IBBI data base)
IBC 71 Time period to respond for the demand notice sent by OC to the CD under IBC. (CS-3 IBC) 10 Days
72 Time period for acceptance/rejection of CIRP application by AA under IBC? (CS-3 IBC) 14 Days
73 Maximum time period upto which Public announcement shall be made by IRP upon appointment as IRP? 3 days from date of appointment
74 How many creditors consent is required to dispense off the meeting of CoC? Atleast 90% creditors
75 Banking authority to file application for CIRP to whom? Adjudicating authority
76 Question on identification of CL and CD? Based on case study
Commission; per transaction, to agents abroad for sale of residential
77 Maximum commission for Real estate sale flats or commercial plots in India exceeding USD 25,000 or five
percent of the inward remittance whichever is more.
78 External commercial borrowings - MAMP Refer page no. 1.34 of ICAI study mat
79 CG Approval if prixe money for sports activity is more than specified limit? Sports reward 1 lacs USD limit, then CG approval is required
Limit and leverage: Under the aforesaid framework, all eligible
borrowers can raise ECB up to USD 750 million or equivalent per
financial year under the automatic route. Further, in case of FCY
denominated ECB raised from direct foreign equity holder, ECB
liability-equity ratio for ECB raised under the automatic route cannot
80 ECB limits exceed 7:14 However, this ratio will not be applicable if the
FEMA
outstanding amount of all ECB, including the proposed one, is up to
USD 5 million or its equivalent. Further, the borrowing entities will
also be governed by the guidelines on debt equity ratio, issued, if any,
by the sectoral or prudential regulator concerned.

81 Case study of OCI Card holder Based on case study

82 Specific Ministry approval require Refer page no. 1.16 of ICAI study mat
83 Maximum time period of interest payment in case of imports? 3 years
84 Maximum performance gurantee under FEMA? 50% of amount of gurantee towards financial commitment.
85 ODI in real estate is allowed? No
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SPOM SET - A
Corporate and Economic Laws
Actual MCQ’s asked in exam
(Memory based)
Act Name Sl NO. Particulars

1 Political party contribution limit

2 Case Study related to Calculation of remuneration payable to Directors/managers
3 Nidhi Company net owned fund & & effective capital calculation
4 Remuneration in case of Inadequate profit
5 SSD Appointment - How many number ? How many days before ?
6 Wind up Qn Shareholder conditions of 6m out of 18 months
7 Can SSD be appointed as manager
8 SSD in 2 companies not in competitive business
9 Can CG allow compensation to MD removed
10 Power of ROC to conduct investigation
11 Excess remuneration paid to director shall be recovered
12 Can a SSH director be appointed in more than 1 company as SSH director? (CS-1 on SSH director)
13 Can a SSH director have any relation/transaction with the company after completion of tenure? (CS-1 on SSH director)
14 Can a SSH director be reappointed? (CS-1 on SSH director)?
15 Can a Nidhi company accept deposit or lend money to person other than members?
16 Time limit for appeal against the order of NCLAT to Supreme court? (Question of law)
17 Consent of how many creditors for Corporate debt restructuring?
18 Prevention of operation & mismanagement (i.e., removal of director)
 19 Max number of Independent directors in Listed Company
20 Grounds on which ROC can send the written notice & for which it can't send written notice?
21 In which meeting, disclosure of interest by director is require
22 Penalty for not serving notice to an director
Companies Act, 2013 23 If contributories failed to contribute the capital, who is liable to pay the unpaid amount?
24 NIDHI Company Limits paid up share capital, max deposit, max loan etc.
25 Quorum in case of meeting by circulation
26 Women director appointment limit
27 No. of independent directors required?
28 Small Shareholder notice timelines
29 Whether pvt companies are require to appoint CS ?
30 Age limit for KMPs' ?
31 Political party contribution limit
32 Siting fees to be paid to Women directors
33 Board minutes circulation / draft minutes & it's approval
34 Sec 230— creditors compromise arrangement
35 Sec 197 — calculation of net profit
36 Max no. of directorship
37 Can women director be paid less sitting fee than sitting fee payable to other directors?
38 Company didn’t made any transaction during the past 2years. What is Status of the company?
39 Minimum directors in case of a public dormant company?
40 Upto what period RoC can strike off the name of the dormant company?
41 Who can oppose the scheme of C& A?
42 Objection to CDR by how many outstanding creditors? (%age of outstanding creditors)
43 Can excess remuneration paid to directors be waived off by the company? (CS-4)
44 In whose trust the director shall hold the excess remuneration(CS-4)
45 Maximum remuneration payable to NED based on calculation of effective capital?
 46 Penalty for SEBI Insiders trading?
47 Max no. of Committee In which Directors can be part of?
48 Provision regarding SEBI attached the bank accounts
49 SEBI Quarterly compliance dates for Listed co.
50 Offer Price, ros ectus, rievances related enal
51 LODR & ICDR Time limits
52 11 days limit on change in shareholders right
53 Who can remove member of SEBI Board, Age eligibility, notice of resignation
54 Penalty for unfair trade practices
SEBI
55 ICDR minimum application amount to be specified?
56 IPO to be open for Min & max time limit
57 2.When a company is eligible for IPO? (Net tangible asset criteria wala question) (CS-2 SEBI)
58 Can a company issue IPO if ESOP’s are outstanding? (CS-2 SEBI)
59 Minimum assets along with monetary asset limit criteria? (CS-2 SEBI)
60 How to determine share price under Book Building issue? (CS-2 SEBI)
61 Who has the power to remove members of SEBI?
62 Penalty under SEBI for insider trading
63 SEBI chairperson age limit and minimum notice period to be served by CP for retirement
64 Reporting of receipt in 48 hrs (if received in Delhi A/c or Other a/c and subsequent Transfer to other a/c)
65 What is the amount of gift from relative, which is not considered as Foreign contribution ?
FCRA 66 Validity of CoR of trust?
67 Cooling period for which CoR shall not be granted in case of breach of FCRA regulation?
68 Is order/direction by CG to banking authority for trust is binding on banking authority?
69 Financial creditor (FC), before filing application for IBC shall sent application to whom ?
70 Which FC from CS to have COC voting rights?
71 To which operational creditor (OC)+ notice to be served
72 Many Limits like Public notice & etc...
 73 If approval of IBBI not received within 10 days in case of replacement of IRP
74 1.Who can be appointed as Provisional liquidator/ Company liquidator? (Whose name is there in IBBI data base)
IBC
75 Time period to respond for the demand notice sent by OC to the CD under IBC. (CS-3 IBC)
76 Time period for acceptance/rejection of CIRP application by AA under IBC? (CS-3 IBC)
77 Maximum time period upto which Public announcement shall be made by IRP upon appointment as IRP?
78 How many creditors consent is required to dispense off the meeting of CoC?
79 Banking authority to file application for CIRP to whom?
80 Question on identification of CL and CD?
81 Penalty if Contravened USD 2.5 lacs limit
82 Maximum commission for Real estate sale
83 External commercial borrowings - MAMP
84 Sports reward 1 lacs USD limit
85 ECB limits
86 Case study of OCI Card holder
FEMA
87 Specific Ministry approval require
88 Maximum time period of interest payment in case of imports?
89 Maximum performance gurantee under FEMA?
90 ODI in real estate is allowed?
91 What shall be the minimum and maximum period upto which IPO shall remain open?
92 Remittance in excess of LRS limit, what shall be the penalty for such excess remittance?