Query – Increase / Decrease in Director Remuneration in a Limited Co.
1. In March 2010 the Dir. Rem. was increased from 25000 to 50000 and was paid accordingly, the EGM giving the above effect was held in Nov’10 mentioning remuneration will be increased w.e.f. Mar 10.
2. In April 2010 the Dir. Rem was decreased from 50000 to 30000, the EGM giving the above effect was held in Dec’10 mentioning remuneration will be reduced w.e.f. Apr 10.
** Now my question is that in both the above cases the EGM have been held in Nov 10 and Dec 10 but effect of Increase / Decrease has been taken in Mar 10 and Apr 10. Could not the ROC find a nexus that just to avoid late filing fees of Form 23 the EGM has been convened later giving the substantial effect ?
BOTH THE CONDITION HAS HAPPENED IN THE SAME LIMITED CO.
B. Query – Sitting Fees for Attending Board Meeting in a limited and Pvt. Ltd. Co.
1. It was proposed that the directors to be paid sitting fees @ 1500/- per meeting, but AOA permits the sitting fees to the extent of Rs. 250/- per meeting.
2. In this regard EGM was held in Dec 2010 to alter the AOA regarding Sitting fees to the extent of Rs. 1500/- per meeting, and accordingly the AOA has been altered.
** Now my question is that can a director be paid sitting fees @ 1500/- per meeting for all the meetings for the year which have been held before alteration of AOA?
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