Author Profile

Legal India News Admin

Posted On by &filed under .


Is it mandatory to file the return of appointment of KMPs appointed in terms of Section 203?

Is it mandatory to file the return of appointment of KMPs appointed in terms of Section 203?

Yes, according to Form no. MR.1 as prescribed in Rule 3 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. It is mandatory for a company to file a return of appointment of a managing director, whole time director or manager, chief executive officer, company secretary and Chief Financial officer in Form no. MR.1 as prescribed in Rule 3 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Further, particulars of appointment of KMP and any change among them are also required to be filed in Form DIR-12.

Companies Act, 2013 (Act) has introduced many NEW CONCEPTS AND KEY MANAGERIAL PERSONNEL is one of them. While the Companies Act, 1956 recognised only Managing Director, Whole Time Director and Manager as the Managerial Personnel, the Companies Act, 2013 has brought in the concept of Key Managerial Personnel which not only covers the traditional roles of managing director and whole time director but also includes some functional figure heads like Chief Financial Officer and Chief Executive Officer etc. These inclusions are in line with the global trends.


Leave a Reply

Be the First to Comment!

Notify of
avatar
wpDiscuz