CAN U GUDE ME ON THE FOLLOWING ISSUE. Whether the Directors remuneration in private company can be fixed in board meeting? Here the directors are first directors named in articles.
02 January 2010
Dear Kavita Section 309(1) of the Act requires that the remuneration payable both to the executive as well as non-executive directors is required to be determined by the board in accordance with and subject to the provisions of section 198 either by the articles of the company or by resolution or if the articles so require, by a special resolution, passed by the company in a general meeting. Further, Schedule VI of the Act requires disclosure of Director's remuneration and computation of net profits for that purpose.
Plz go thru the article and take approprate action. Thanks
CAclubindia
