commission to directors in pvt ltd

Section 197(1) makes it clear that the limits on managerial remuneration are applicable only to public companies. While S 197(3) refers to “a Company” and not “Public Company” as referred in 197(1), the intention of the statues appears to be to cover only public companies u/ 197..... No restrictions in case of private limited company.... Part 1 of schedule V is applicable only on private companies.... Other part of schedule V not applicable