Strict provisions related to remuneration of Director are not applicable on a Private Company. A Private Company can fix the remuneration of its directors by passing a board resolution. It is advisable to refer the provisions of your articles.
Further there is no need to file the board resolution passed to fix/increase the remuneration of directors through filing of form MGT.14. I hope the above suggestion would be of some help.
07 October 2014
Law related to filing of form MGT.14 under Companies Act, 2013 (22 July)
Filing of form MGT.14 is mandated by section 117 of the Companies Act, 2013. Section 117(2), prescribe the penalty for non-filing of form MGT.14.
As per Section 117(2), if a company fails to file the resolution or the agreement under sub-section (1) before the expiry of the period specified under section 403 with additional fee, the company shall be punishable with fine which shall not be less than five lakh rupees but which may extend to twenty-five lakh rupees and every officer of the company who is in default, including liquidator of the company, if any, shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.
For more clarity about form MGT.14 read my article available at the link mentioned below:
CAclubindia
