Disclosure in notes to accounts

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Shubham Kabra (Querist)
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23 September 2013 Hi,
My query is relating to disclosure in notes to accounts for Managerial Remuneration.

During the year company has paid Rs. 8 lakhs to the director who has resigned in January (During the year ) and a new director has been appointed.

Now in notes to accounts do i need to show the payment made to him during the year.

Company has not paid anything to the new director from January to March.

Thanks... :)

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
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23 September 2013 Yes. You need to disclose the same.

Shubham Kabra

Shubham Kabra (Querist)
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23 September 2013 Mr. Nikhil Thanks for your response..

One more thing there is some provision for payment to new director. as Company is facing huge loses.

Whether that provision also need to be disclosed.

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
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23 September 2013 Well the salary if has been decided upon, the same needs to be paid. Be guided by norms for limits on managerial remuneration in this regard.

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Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
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23 September 2013 Section-II of Part-II of Schedule-XIII deals with Remuneration payable by the Companies having no profits or inadequate Profits

Shubham Kabra

Shubham Kabra (Querist)
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23 September 2013 Thank you very much Nikhil.. I will check that.. :)

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