In my company, the managerial remuneration falls under the category of Part B of Part II (4800000 p.a or 4,00,000 per month).
Kindly tell me whether prior approval by special resolution is required for paying the remuneration for the year 2011-2012 or we can pass the special resolution on the ensuing AGM to be held on 2012 -2013.
Yes, when you are paying remuneration to managerial personnel it is required to pass SR in accordence with PartIII of Schedule XIII of the Companies Act, 1956.
It may be also noted that you can pay remuneration retrospectively.
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