Profit u/s 349

Chandra Nahata (CA Job) (36 Points)

11 June 2013  

Dear All,

Can somebody clarify:

1. whether calculation of profit U/s 349 of Companies act and whether the actual remuneration is within the limit need to be verified by the Auditor?

2. Secondly whether the information about calculation of profit as per 349 and Actual remuneration details need to be part of notes to accounts/annual report?

Best Regards

Chandra