We have a listed public company.
We have passed a resolution at the AGM for payment of remuneration to the managing director Rs. 1 Lac Per Month.
But now the company has decided not to pay remuneration at all to the M.D. and M.D. has also agreed to it.
So in this case any resolution is required to be passed? If yes, then whether resolution can be passed only at AGM or Board can pass such resolution?
Is such resolution required to be filed with ROC?
Anticipating prompt response earliest.
Kindly check the details of the shareholders resolution already passed by the company in case of his appointment and remuneration. If the said shareholders resolution gives general authority to Board to vary, alter, modify the terms of remuneration, then there is no need to pass a shareholders resolution again. You can simply pass Board resolution giving reference of earlier resolution. As a good compliance pratice, do file Form 23 for registering the same.
Views of ither members are solicited
O P Bagla & Co LLP
New Delhi
CA Inter
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