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Managerial remuneration

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(Querist)
21 February 2014 as per the provisions of companies act 1956, a special resolution is required to be passes in general meeting before increasing the managerial remuneration upto the limit specified in schedule XIII. what would be the impact if such resolution was not passed. Plz reply.
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SHAKTI JINDAL

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SHAKTI JINDAL (Expert)
22 February 2014 Since the increase in remuneration is within the limits specified in Schedule XIII, the same will be subject to the approval by a resolution of the shareholders in general meeting. Therefore, in accordance with Part III of Schedule XIII to the Companies Act, 1956, approval may be obtained at the next general meeting of the Company.
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