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Managerial remuneration

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16 May 2015 Facts: One of our client an unlisted public company incorporated on 1st April 2011.having 4 Directors, has paid a remuneration of Rs 20 lakhs to its directors in totality, during the year 2014 – 15. Net profit of the Company for the year is Rs 40 Lakhs approx after remuneration.
Query: Now taking into consideration sec 197, Sch V, Sec II & Sec III of the Companies Act 2013. Is this remuneration allowed under the provisions of Companies Act 2013? & also what are the compliance that needs to be carried under Companies Act 2013. Resolutions & approvals if any.
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CS JAY GOHIL

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CS JAY GOHIL (Expert)
16 May 2015 not this remuneration is not allowed under both act 1956 & 2013.

as per section 196 of CA 2013, total remuneration payable by public company in financial year will not exceed 11% of Net Profit.
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