Remuneration of md and wtd
This query is : Resolved
Mitesh Sanghavi
(Querist)
17 July 2012
Dear Experts,
kindly hlp me over an situation..
if a person is MD in one public Co. and WTD in another Public Co.
Can he receive remuneration from both the Companies... If yes den what is the Prescribed limit?
kindly hlp me over an situation..
if a person is MD in one public Co. and WTD in another Public Co.
Can he receive remuneration from both the Companies... If yes den what is the Prescribed limit?
17 July 2012
Yes he can.
Drawal of remuneration from more than one company by a Managing Director of those companies:
Part I of Schedule XIII of the Act, provides that a person can be managing director in more than one company, without the approval of the Central Government, provided he draws remuneration from one or more companies subject to the ceiling provided in Section III of Part II of Schedule XIII of the Act.
Accordingly, subject to the provisions of Sections I and II, a managerial person shall draw remuneration from one or both companies, provided that the total remuneration drawn from the companies does not exceed the higher maximum limit admissible from any one of the companies of which he is a managerial person
Drawal of remuneration from more than one company by a Managing Director of those companies:
Part I of Schedule XIII of the Act, provides that a person can be managing director in more than one company, without the approval of the Central Government, provided he draws remuneration from one or more companies subject to the ceiling provided in Section III of Part II of Schedule XIII of the Act.
Accordingly, subject to the provisions of Sections I and II, a managerial person shall draw remuneration from one or both companies, provided that the total remuneration drawn from the companies does not exceed the higher maximum limit admissible from any one of the companies of which he is a managerial person
17 July 2012
For details See PART II (REMUNERATION) of SCHEDULE XIII from below link--
https://wirc-icai.org/wirc_referencer/Company%20Law/Schedule%20XIII.htm
https://wirc-icai.org/wirc_referencer/Company%20Law/Schedule%20XIII.htm
Mitesh Sanghavi
(Querist)
17 July 2012
if i want to give remuneration to MD...
wat is d procedure
wat is d procedure
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