Director Remuneration in pvt co
This query is : Resolved
BIJAY MITTAL
(Querist)
03 March 2008
Assessee is a director in a private ltd co.Now what is the extent to which the comany can pay the remuneration to the director.Is there any maximum limit.
03 March 2008
no bijay there r no boundation to Private Co. to pay remunaration to directors.
04 March 2008
Companies Act,1956 poses many restrictions on public company as compare to private company. Sec. 198,350 and other applicable provisions along with Schedule XIII related to Restrictions on Director's Remuneration are applicable only to Public Company. Hence, a Private Company can pay any amount of Remuneration to its Director provided the company should have a provision in its article regarding payment of Director's Remuneration
04 March 2008
PRIVATE COMPANY CAN PAY ANY SUM AS REMUNERATION TO DIRECTORS
CA J M Pattanayak
(Expert)
04 March 2008
There is no restriction on remuneration to a director but it has to be approved by the board of directors before such payment.
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