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There are two group companies hving all the three common directors, one is a limited closely held co and the other one is private. Both the companies entered into a demerger scheme and the scheme has been approved by the high court.As per the scheme all the employees of the limited companies will be transferred to the private co. Do the word employees includes the all three whole time directors of the ltd. co. If yes, do we need to change the designation of the WTD to normal Directors in limited co and if yes which form is required to be filed, only DIR-12 for change in designation. When we start paying salary to the Directors from the private co in place of the limited co., do we need to file any form with ROC for that?

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Posted By: Anita 10 year(s) ago

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Expert Ankit Singhi

I think it’s a query of merger. In the cited case, as soon as scheme got approved limited company goes out of existence and 3 WTD ceases to be a director of such company Secondly, Private limited company shall required to file DIR-12 for change in designation of WTD with Registrar along with the letter of appointment stating the terms and condition of appointment provided the salary shall not be decreased and terms and conditions shall not be detrimental to the interest of WTD

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