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Directors remuneration

Companies Act 2013 511 views 2 replies

Tanu

Manager

85 Points Posted on 29 October 2014

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.

Replies (2)

P C Agrawal

Registered independent director Past Ch

8229 Points Posted on 30 October 2014

Pl go through Sec.197 read with Schedule-V.

Tanu

Manager

85 Points Posted on 30 October 2014

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?