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Appointment of president
Dear All
In a Listed Company, son of Managing Director who is presently holding position of Manager Exports is now to be appointed as President Sales.
My query is that his remuneration would be covered under Managerial Remuneration Limit (10% of Profits) or not. Please also specify highest limit of remuneration payable to him as relative of director.
Replies (2)
Sec 314 will be attracted as relative of director is holding place of profit.
wait for others to reply.
1) President Sales is not a managerial position under Companies Act and hence his remuneration will not be included in overall managerial limit under the Act.
2) Remuneration paid to him either as Manager Exports or as President Sales will be covered u/s 314.
Thanks
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