Scedule XIII of the companies Act
This query is : Resolved
sanjay srivastava
(Querist)
13 April 2010
Dear Friends
My Query is that Schedule XIII remuneration can be paid to part time Directors, if the company has no profit?
The Remuneration limit prescribed in Schdule XIII is per director or for overall directors?
Regards
Sanjay Srivastava
My Query is that Schedule XIII remuneration can be paid to part time Directors, if the company has no profit?
The Remuneration limit prescribed in Schdule XIII is per director or for overall directors?
Regards
Sanjay Srivastava
Ankur Garg
(Expert)
13 April 2010
1. As per my opinion facility of schedule XIII in case of no profit or inadequate profit is available to managerial personnel only. Check the language of part II section II of schedule XIII.
Hence part time directors or ordinary directors can not draw any remuneration in case company has no profits.
2. The Remuneration limit prescribed in Schedule XIII is per director. Check the language of section II of part II.
To be honest am not very confident about point no. 1 so wait for other opinions.
Hence part time directors or ordinary directors can not draw any remuneration in case company has no profits.
2. The Remuneration limit prescribed in Schedule XIII is per director. Check the language of section II of part II.
To be honest am not very confident about point no. 1 so wait for other opinions.
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