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By :
BINOD KUMAR SHAW
Accounts Assistant
[ Scorecard : 51]
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ON : 5/14/2008 4:07:23 PM
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hallo everybody
is there any provision in companies act for mandatory payment of remmuneration to managing director or whole time director?
i mean is there any necesity to pay remuneration to managing director or whole time director?
pls suggest me at binodk_shaw @ yahoo.co.in its urgent.
thanking you
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By :
Nalin Ganatra
Practising Company Secretary
[ Scorecard : 26]
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ON : 5/14/2008 5:07:49 PM
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No there is no provisions in the Companies Act, 1956 for mandatory payment of any remuneration to any Managerial Person.
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By :
BINOD KUMAR SHAW
Accounts Assistant
[ Scorecard : 51]
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ON : 5/15/2008 1:51:12 PM
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What will be the procedure for cancelling the remuneration to MD?
i mean if the co. had earlier fixed the remuneration for MD but now the co. does not want to pay remuneration then what will be procedure?
MD's 5years service is not completed yet....
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By :
Nalin Ganatra
Practising Company Secretary
[ Scorecard : 26]
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ON : 5/15/2008 5:05:16 PM
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In that case Managing Director has to voluntarily agreed for not taking any remuneration and based on his written letter board of director has to pass the resolution for non payment of remuneration to M.D.
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By :
BINOD KUMAR SHAW
Accounts Assistant
[ Scorecard : 51]
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ON : 5/16/2008 1:11:45 PM
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Sir, thanks a lot for infomation
one more queries, what are the procedures to inform the Roc of such changes in remmuneration of MD.
thanking you
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By :
P.K. Shaw
Asst. Company secretary
[ Scorecard : 29]
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ON : 5/16/2008 3:46:54 PM
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As the M.D. has the substancial power and was appointed by the shareholders in their meeting by passing SR and thru an agreement between the Company nag the Md where the remuneration paid to MD was stated and a return uder eform 25C filed with the ROC. Now if a Company want to change the remuneration of Me, it has to take concent of its shareholder by passing SR and a written consent from the MD that he will not draw any remuneration from that Company and a eform 23 has to be filed with ROC.
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