Managerial remuneration
This query is : Resolved
Rajya Lakshmi
(Querist)
31 May 2010
Dear Expert,
We have appointed our CEO as a Director who resigns his position as CEO and holds the position as Director for a shorter period let us say 3months.
We would like to pay the same remuneration which he used to draw as a CEO even though he is a director (please note that other directors are not paid any remuneration)
Please suggest me which is a good option to pay the remuneration - under Section 314 or 309 (sch XIII, 269 etc) as the remuneration is beyond 50000 pm and the company is a private limited company
Also give me the procedure checklist
Thanks in advance
We have appointed our CEO as a Director who resigns his position as CEO and holds the position as Director for a shorter period let us say 3months.
We would like to pay the same remuneration which he used to draw as a CEO even though he is a director (please note that other directors are not paid any remuneration)
Please suggest me which is a good option to pay the remuneration - under Section 314 or 309 (sch XIII, 269 etc) as the remuneration is beyond 50000 pm and the company is a private limited company
Also give me the procedure checklist
Thanks in advance
01 June 2010
The best option would be to designate him as a wholetime director and pay him the remuneration that he was getting as an CEO. The company being an private limited company, there would be no limits on such remuneration.
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