Dear Members,
Kindly guide me in following issue, if possible,
If a company is a private ltd, which is subsidary of unlisted public ltd company, in this case Directors of the private company are to be paid menegerail remuneration.
Please let me know what sections of companies act, 1956 will be applicable on them and what would be procedure for it.
Looking forward to your valuable reply.
Regards,
Harvinder
Company Secretary
The Companies (Amendment) Act, 2000 amended Section 3 of the 1956 Act to provide that a private corporate which is a subsidiary of public company will be deemed to be a public company.
Provisions related to remuneration and its limits are applicable on your private company, which is subsidiary of an unlisted public company.
Please share the paid up capital of private company and designation of director.
S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
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