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Director remuneration

vijayalakshmi (student) (26 Points)

30 December 2019

hi..i have doubt regards director remuneration. if company failed to show director remuneration in financial statements. what will effect the company have to face..pls guide me how to give treat this issue

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Hitesh (Student) (3549 Points)
Replied 30 December 2019

.Refer Sec 129 (7) If company contravenes the provisions of this section, the managing director, the whole-time director in charge of finance, the Chief Financial Officer or any other person charged by the Board with the duty of complying with the requirements of this section and in the absence of any of the officers mentioned above, all the directors shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees, or with both