Directors's renumeration

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Querist : Anonymous

Querist : Anonymous (Querist)

09 November 2012 can renumeration of director & finance manager of a pvt. ltd. co. be increased with retrospective effect?
what is the procedure to increase it retrospectively?
its urgent.

Ajay Mishra

Ajay Mishra (Expert)
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09 November 2012 Hi

Yes, you can increase remuneration of director and finance manager retrospectively under the Companies Act, 1956.

Call a Board meeting and increase the remuneration of directors. The remuneration details is required to be given in Director report if he covered under the Companies (Particulars of Employee) Rules, 2011 and Balance sheet.

As per AS-18 it is required to be disclosed under Related Party Transactions.

Ajay Mishra

Ajay Mishra (Expert)
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09 November 2012 The provisions of Companies Act, relating to remuneration of directors will not apply to private limited company.

The remunerations of directors of private limited company is govern by their AOA.

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