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Remuneration on conversion of a private co to public co

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 October 2010 A private company has converted into a public company. The Company is a loss making company and Prior to conversion it was paying remuneration to Managing Director in excess of limits specified u/s 198+Sch XIII.
My query is, whether it can pay same remuneration after conversion without obtaining Central Government approval.
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Ashish Gaggar

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Ashish Gaggar (Expert)
05 November 2010 No, after conversion the remuneraion has to be paid in Limits of Schedule XIII. Payment of excess remuneration woul definately require Central Government Approvl
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