Section - 310 - Companies Act, 1956

Section - 310 - Provision for increase in remuneration to require Government sanction

Provision for increase in remuneration to require Government sanction.

310.

[In the case of a public company, or a private company which is a subsidiary of a public company, any provision relating to the remuneration of any director including a managing or whole-time director, or any amendment thereof, which purports to increase] or has the effect of increasing, whether directly or indirectly, the amount thereof, whether that provision be contained in the company’s memorandum or articles, or in an agreement entered into by it, or in any resolution passed by the company in general meeting or by its Board of directors,

[shall not have any effect—

(a) in cases where Schedule XIII is applicable, unless such increase is in accordance with the conditions specified in that Schedule ; and

(b) in any other case, unless it is approved by the Central Government];

and the amendment shall become void if, and in so far as, it is disapproved by that Government :

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