Section 203 of the Companies Act, 2013 as required in terms of Section 17(2)(e) of the Insolvency and Bankruptcy Code, 2016, is mandatory requirement of the statute, which Resolution Professional is required to adhere and comply with – Mr. Sanyam Goel, RP for Haryana Telecom Ltd. Vs. Registrar of Companies – NCLT Chandigarh Bench
The Adjudicating Authority noted that respondent-Registrar of Companies has admitted that the record of resignation of CFO has been approved on 14.08.2020. As far as the exemption to the applicant in terms of Section 203 of the Companies Act, 2013 read with Rule 8 and 8A of the Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014 as required in terms of Section 17(2)(e) of the Insolvency and Bankruptcy Code, 2016, is mandatory requirement of the statute, which the applicant-Resolution Professional is required to adhere and comply with. Therefore, the present application is dismissed accordingly.
