Managerial Remuneration...Urgent Sir!!!

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Rajesh (Querist)
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23 September 2010 Dear Experts,
Very urgent sir... i have explained the issue so that the experts will be able to understand it clearly. If it is too elaborate i am sorry for it.
For a private limited company...For the financial year ended 31.3.2009 all the directors have received managerial remuneration. For that year they have also filed the necessary Forms with the ROC. Since the financial position of the company was not that much good in the fin. yr. ended 31.3.2010 the directors did not want to get their managerial remuneration, so they did not even filed the necessary Forms with the ROC. But after finalization of the accounts now the directors want to take their managerial remuneration. The amount of managerial remuneration is not going to be changed from the fin. year ended 31.3.2009.

So is it mandatory to file the necessary Forms with the ROC also for the fin. year ended 31.3.2010? Until now since they have not filed the necessary forms can they take the managerial remuneration for the fin. yr. ended 31.3.2010.?

If they want to take the managerial remuneration, only JV can be passed. the managerial remuneration payable should be shown in the liabilities side. Please tell me under what head in the current liabilities i have to show. Can i show it as managerial remuneration payable under current liabilities itself or some other name i have to give?

To sum it up...
1) Whether managerial remuneration for the fin. yr. ended 31.3.2010 can be provided now even when the relevant forms have not been filed with the ROC, if the amount is not changed from the previous year ended.
2) Since only JV can be passed now under which name i can show it in the current liabilities - as per schedule VI requirements.

With regards,
Rajesh.

Ankur Garg

Ankur Garg (Expert)
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23 September 2010 Kindly appreciate strict provisions relating to managerial remuneration are not applicable to a private company. So you are free to give an remuneration to your directors subject to the provisions of your articles.

Regards

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