checklist for increasing the remuneration
This query is : Resolved
24 February 2010
Dear all,
can anybody please sent me the checklist for increasing the
remuneration of the Managing Director of a public ltd.co.
Thanks and Regards
GIRISH
can anybody please sent me the checklist for increasing the
remuneration of the Managing Director of a public ltd.co.
Thanks and Regards
GIRISH
24 February 2010
Increase in remuneration and requirement for approval of the Central Government
Section 310 stipulates that in case of a public company, or a private company which is a subsidiary of a public company, any provision relating to increase in 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 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.
The provision relating to the remuneration may be contained in the company's Memorandum or Articles, or in any agreement entered into by it, or in any resolution passed by the company in general meeting or by its Board of directors.
Following are the other important provisions in this regard:—
(1) Approval of the Central Government shall be obtained where the provision for increase in remuneration is not in accordance with the provisions of Schedule XIII to the Act. In order to obtain approval of the Central Government, application shall be made in the prescribed e-Form 25A. (Previously it was required to submit in the Form 26, which has been merged with an e-Form 25A vide Notification No. GSR 56(E) dated 10th Feb., 2006)
(2) Section 310 does not apply to an independent private company. It also does not apply to a Government Company — DCA Notification No. GSR 235, dated 31-1-1978.
Section 310 stipulates that in case of a public company, or a private company which is a subsidiary of a public company, any provision relating to increase in 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 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.
The provision relating to the remuneration may be contained in the company's Memorandum or Articles, or in any agreement entered into by it, or in any resolution passed by the company in general meeting or by its Board of directors.
Following are the other important provisions in this regard:—
(1) Approval of the Central Government shall be obtained where the provision for increase in remuneration is not in accordance with the provisions of Schedule XIII to the Act. In order to obtain approval of the Central Government, application shall be made in the prescribed e-Form 25A. (Previously it was required to submit in the Form 26, which has been merged with an e-Form 25A vide Notification No. GSR 56(E) dated 10th Feb., 2006)
(2) Section 310 does not apply to an independent private company. It also does not apply to a Government Company — DCA Notification No. GSR 235, dated 31-1-1978.
24 February 2010
Thank You Mr Ankur Garg...
24 February 2010
Thank You Mr Ankur Garg...
24 February 2010
Whether hard copy is required to be sent to Company Law Board for
Compounding of offence. And if we have to send the hard copy What is
the amount of dd to be made favouring "Pay and Accounts Officer".
plese clarify this doubt
Compounding of offence. And if we have to send the hard copy What is
the amount of dd to be made favouring "Pay and Accounts Officer".
plese clarify this doubt
05 March 2010
y
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG FOR GOLD ETFs
- Loan by Partnership Firm
- E way bill for tractors
- Plot of land. Cost of Acquisition
- Last year TDS Claim
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
