Remuneration of director

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Varun (Querist)
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02 September 2009 In a Public unlisted company, the directors has passed a resolution to pay remuneration to the Managing Director which is crossing the limit of Schedule XIII, in april 2008 for which no approval of shareholders have been accorded. now kindly tell me the solution of the same that how the said board resolution can be approved?

Jagruti (CS)

Jagruti (CS) (Expert)
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20 September 2009 If the remuneration is exceeding the Sch XIII limit than company has to take PRIOR APPROVAL OF CENTRAL GOVT. The only option avaliable is tell director to refund the money.

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