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Waiver of excess salary

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(Querist)
29 June 2012 A managing director of a listed company is drawing half of his approved salary from a foreign subsidiary. The company ia having in adequate profits.
Now, the company is applying to Central government for waiver of excess salary.
Will the company include only half of the amount paid from the Indian Company whlie calculating the excess salary or will include the entire amount approved by the shareholders.
Please mention the section or mca circular with your reply
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
29 June 2012 it should be amount approved by shareholder. not an amount which director has drawn. because a resolution has been passed in meeting.
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