Schedule XIII
This query is : Resolved
12 April 2010
dear friend My query is
can a public company pay remuneration to Part time directors as per Schedule XIII.
and the limit given in schedule XIII is per director or for all directors?
Regards
sanjay
can a public company pay remuneration to Part time directors as per Schedule XIII.
and the limit given in schedule XIII is per director or for all directors?
Regards
sanjay
12 April 2010
Yes, you can pay them but provided director is Managerial Person i.e. he is either MD or WTD or Manager.
However to Non Executive Director i.e. other than Managerial Person you can pay other than sitting fee,
1. remuneration ffor service, if any rendered by the director provided service is of professional nature and prior Central Govt approval is taken for determining that director posses professional qualification
2. Or you can pay Commission
The Limit will be
- if Company has Managerial Person(MP): Such remuneration to all director shall not exceed 1 % of net profit as per Sec 349/350
-If Company do not have MP: Such remuneration to all director shall not exceed 3 % of net profit as per Sec 349/350
However to Non Executive Director i.e. other than Managerial Person you can pay other than sitting fee,
1. remuneration ffor service, if any rendered by the director provided service is of professional nature and prior Central Govt approval is taken for determining that director posses professional qualification
2. Or you can pay Commission
The Limit will be
- if Company has Managerial Person(MP): Such remuneration to all director shall not exceed 1 % of net profit as per Sec 349/350
-If Company do not have MP: Such remuneration to all director shall not exceed 3 % of net profit as per Sec 349/350
12 April 2010
agreed
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