Salary to relatives of Director of Private Ltd.Co.
This query is : Resolved
10 February 2011
How much maximum salary a company could pay to relatives of Director.Is any approval required from shareholder/central govt.
Jayashree S Iyer
(Expert)
11 February 2011
Sec 314(1)- monetary limits and approvals
Remuneration up to Rs. 9,999 per month No approval [Sec 314(1)]
Remuneration Rs.10,000-Rs. 19,999 per month Approval by special resolution [Sec 314(1) read with Rule 10C(1) of CGGRF]
Remuneration Rs.20,000-Rs. 49,999 per month Prior approval by special resolution [Sec 314(1B) read with Rule 10C(2) of CGGRF]
Remuneration => Rs.50,000 per month Prior approval by special resolution + Central Govt approval [Sec 314(1B) read with Rule 10C(2) of CGGRF and Rule 3 of Director's Relatives (Office or Place of Profit) Rules 2003 ]
Remuneration up to Rs. 9,999 per month No approval [Sec 314(1)]
Remuneration Rs.10,000-Rs. 19,999 per month Approval by special resolution [Sec 314(1) read with Rule 10C(1) of CGGRF]
Remuneration Rs.20,000-Rs. 49,999 per month Prior approval by special resolution [Sec 314(1B) read with Rule 10C(2) of CGGRF]
Remuneration => Rs.50,000 per month Prior approval by special resolution + Central Govt approval [Sec 314(1B) read with Rule 10C(2) of CGGRF and Rule 3 of Director's Relatives (Office or Place of Profit) Rules 2003 ]
Mohit Garg
(Expert)
11 February 2011
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