Interested directors

This query is : Resolved

Chandan Gupta (Querist)
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09 May 2012 Dear Members...

For increase in remuneration of Managing Director of Public Company, the Board contains 5 directors out of which 3 are interested including Managing Directors.
How can we get approval of Board of Directors for such increment in remuneration.
Thanks…

Ajay Mishra

Ajay Mishra (Expert)
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10 May 2012 Hi

The remuneration committee will approve the remuneration of MD which consist of independent directors. Otherwise it will be forwarded to shareholders for approval.

Regards

Chandan Gupta

Chandan Gupta (Querist)
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10 May 2012 thanks sir,

For increase in remuneration of Managing Director, apart from Remuneration Committee Approval the same matter is also required to be approved by the Board. Hence other two director being the son of MD are interested in the matter.

Now how can board paas the same resolution as from 5, 3 directors are interested.

Ajay Mishra

Ajay Mishra (Expert)
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10 May 2012 Hi

In that case, the resolution will be approved by shareholders.

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