Retrospective appointment as Manager under company's law
31-Aug-2023 (In Corporate Law)
Hi, I was working a VP in my company with effect 31 Mar 2017 i was transferred to a group company with same designation and my entire reporting team under me also got transferred. The designation i was given was V.P. Now my company wants me to sign retrospective declaration as per company's act to become "Manager". What are the implications and what will i be held responsible for if there are any previous compliance issues will i be liable for the same. Iam insisting on current date declaration. Pls, advice.
You have been asked to sign the declaration of having retrospective effect or a declaration having back date. Because both of them conveys different aspect. If declaration is back dated then you may find yourself in clutches of some problems which have occurred previously or for act of previous person in charge. But if the declaration is of current date giving an effect from some back date then it not create that much effect of as in above case. In both the situations there's is risk be cautious before signing any declaration read it completely and while signing put current date below your signature.
Your liability will arise from the date your appointment will be shown as a Manager. In case if there is any non-compliance when you were appointed as a Manager you will be held liable in accordance with the provisions of the Companies Act, 2013. It is better you take the responsibility as a Manager from the current date instead of retrospective date, but then if your company insist then you need to take a call. For further assistance you can take my appointment for consultation.
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