Dear Friends
A Private Limited Company wish to pass a Board Resolution for revision in Managing Director Remuneration
Is it mandatory to mention details of remuneration in the resolution ?
Pl opine with supportings asap
Thanks a lot
Milind
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Director remuneration
Replies (5)
Yes.
The appointment of a managing director or whole-time director or manager and the terms and conditions of such appointment and remuneration payable thereon must be first approved by the Board of directors at a meeting and then by an ordinary resolution passed at a general meeting of the company.
A notice convening Board or general meeting for considering such appointment shall include the terms and conditions of such appointment, remuneration payable and such other matters including interest, of a director or directors in such appointments, if any.
| Originally posted by : CS Mitesh Mehta | ||
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Dear Miteshji Here this Pvt ltd Co. wish to REVISE remuneration by passing resolution in a board meeting without mention of any details of remuneration. Is it OK, if yes any supportings pl. Milind Yes. |
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Yes it is...check sec 196(4) of CA 2013 for the same.
Even in case of private company you have to disclose the remuneration in resolution.
Thanks Vandana and Mitessh
In this case Pvt ltd. Company wish to pass following Resolution
"Resolved that remuneration of Mr. _(MD)___ is hereby revised as per the terms and conditions mentioned in the proposal/agreement made between Mr. _(MD)___ and the Company the copy of which was placed before the Board for discussion. "
Can this company go ahead with such resoln
Milind
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