Change in status of director
Querist : Anonymous
Call a remuneration committee to finalise the terms or remuneration of such director. The Committee then send resolution with their comments to the Board of Directors.
Then Board of Director will change the designation and take note on the recommendation of Committee on remuneration and appoint him as executive director.
In next General meeting you will pass a shareholder resolution for above matter under section 309 of the Companies Act, 1956.
A
Querist : Anonymous
If you are covered under section 269 then all these forms are required to be filed.
Querist : Anonymous
2. and all the director are promoter director so, it is difficult to compose remuneration committee.
3. so is it als compulsory for the co. to have min 3 independent director to compose remuneration committee.
This Independent Director provision is applicable only to listed company and not for unlisted company.
Meaning of Remuneration Committee as explained under Explanation IV to the Section II of Part II has been substituted by Notification No GSR 70 (E), dates 08.02.2011, namely:-
For the purpose of this section, “Remuneration Committee” means:
(i) In respect of a listed company, a committee which consists of at least three non-executive independent directors including nominee director or nominee directors, if any; and
(ii) In respect of any other company, a Remuneration Committee of directors.
Querist : Anonymous
I have 4 Director and all are promoter in the co., hence I can create Remuneration committee.
Querist : Anonymous
Querist : Anonymous
definition of remuneration committee given in Sechedul XIII does not talk about executive or non executive director. So remuneration committee will decide remuneration and general meeting will approve the remuneration of executive director.
Querist : Anonymous
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