Increase in Managing Director's remuneration
This query is : Resolved
Zainul Tawawalla
(Querist)
03 March 2009
Increase in maneging director's remuneration requires the approval of the shareholders through an ordinary resolution. My query is that whether such resolution is required before the managing director is paid any remuneration or a post facto approval of such re,uneration by shareholders would be ok. If post facto approval is ok, what is the time period for such resolution.
CS Mukesh Arora
(Expert)
26 March 2009
Professionally the resolution is to be passed before payment of remuneration, however the act does not prohibit the post facto approval, if taken, in the next general meeting. or even later, a ratification is to be done
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