Managerial remuneration & other

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C.A. LINESH PATIL (Querist)
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26 October 2010 1.how remuneration of managerial personal is calculated as per section II of part II of schedule XIII.

2.can a person who has been convicted of a moral turpitude be appointed as whole time director or managing director or manager of a company.

3.As per section 262 casual vacancy arises in the office of a director,who was appointed in a general meeting,may be filed by director.
so my question is that if a vacancy arises in the office of a additional director is need to be filed ,if yes so how this vacancy will be filed.

Thanks in advance

CS Nikita Sheth

CS Nikita Sheth (Expert)
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27 October 2010 Hi, Linesh

First of all how to calculate managerial remuneration ......as per your first query:
Part II of schedule XIII states about payment of managerial remuneration when company hasno profit or inadequate profit.

Note: you have to check the effective capital also:

Co. may pay remuneration not exceeding 24,00,000 p.a. or 2,00,000 p.m provided

1. payment of remuneration is approved by the Remuneration committe
2. no defaut has beenmade by the company.

Co can pay not exceeding 48,00,000 p.a. or Rs. 4,00,000 p.m provided

1. above two condition has to be taken into consideration
2.special resolution has been passed
Statement showing information about company is to be sent to the shareholders alongwith the notice

If the co. wants to pay remuneration exceeding the above limit then following onditons:
1. abovementioned four conditons
2.prior approval of the Central government is to be taken by the co

If the co is a SEZ unit then follow the conditions as mentioned under patrt II

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