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directors'remuneration

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18 May 2009 do we have to take any approval if the directors voluntarily reduce their salary with effect from 01.04.2008 and refund the excess salary recieved thus far

surendra bhutoria
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CA.Varun Ranjan

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CA.Varun Ranjan (Expert)
18 May 2009 board resolution is required for this.
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Ankur Garg

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Ankur Garg (Expert)
20 May 2009 You need to check the language of resolution in which salary is defined by you.

For example:: if it is mentioned in the reolution that ""up to Rs. 20 Lac per annum"" then in that case no need to pass any resolution if directors voluntarily reduce their salary & draw Rs. 18 Lac per annuam.

Noting of directors voluntarily reduce their salary in the remuneration committee minutes would be a good option.

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