URGENT RESOLUTION REQUIREMENT
This query is : Resolved
26 May 2010
Dear all,
Kindly let me know is there any procedural formalities to be comply with before incresing MD remunaration in case of Private Ltd. Co. ?
Can any body provide sample resolution for raising salary of MD .?
Is it possible to raise salary first and then regularise matter through resolution or notifying the change ??
Can we change the salary for other directors also without complying any formalities & just by passing resolution to that effect. Specifically in case of Pvt. Ltd. Co.
Regards,
Gargi
Kindly let me know is there any procedural formalities to be comply with before incresing MD remunaration in case of Private Ltd. Co. ?
Can any body provide sample resolution for raising salary of MD .?
Is it possible to raise salary first and then regularise matter through resolution or notifying the change ??
Can we change the salary for other directors also without complying any formalities & just by passing resolution to that effect. Specifically in case of Pvt. Ltd. Co.
Regards,
Gargi
26 May 2010
If it is a private company which is not a subsidiary of a public company there are no restrictions in fixing remuneration as per Sections 198 and Schedule XIII of the companies act, 1956. If it is a subsidiary of public company, then it has to comply with these sections. YES - it is possible to pay remuneration and ratify the same in the next shareholder's general meeting. The specimen resolution for the same is "RESOLVED that pursuant to applicable provisions of the companies act, the remuneration of XXX is hereby increased from Rs. XX to Rs. XX w.e.f XXX."
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