Hello Friends,
I would like know if a director is already drawing a salary from the company and wants to increase it during the current financial year, what is the maximum limit of salary and what is the process of same? can his relative directors pass the resolution for increase in salary.
Pl go through Sec.197 read with Schedule-V.
Thanks for the reply
Would Sec 188 clause(f) also apply in this case?
(f) such related party's appointment to any office or place of profit in the company, its subsidiary company or associate company; and
as this also says
Provided further that no member of the company shall vote on such special resolution, to approve any contract or arrangement which may be entered into by the company, if such member is a related party:
Would schedule V apply to 188 as well?
CAclubindia
