In case of calculation of managerial remuneration under Sch XIII, the effective capital is to be calculated as on the last day of the FY immediately preceding the year in which the director was appointed. In case a company is converted in to a public company in the current year, still do we go ahead with the above date for calculation or do we take the year of conversion of private company into a public limited company
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Doubt in Managerial remuneration
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Just based your calculation on the original method i.e. as on the last day of the FY immediately preceding the year in which the director was appointed.
Best Regards
In case of conversion of private limited company in to public company, whether approval of Central Govt. is required if the remuneration paid to the managing director is exceeding the limits in Sch XIII ?
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