15 July 2014
As per my opinion yes you can do so. However please take care of the overall Managerial Remuneration limit prescribed under section 197.
As per section 197(1) The total managerial remuneration payable by a public company, to its directors, including managing director and whole-time director, and its manager in respect of any financial year shall not exceed eleven per cent of the net profits of that company for that financial year computed in the manner laid down in section 198.
Overall Managerial Remuneration limit of 11% under section 197, will be applicable in your case. Also wait for the opinion of other experts.
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