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If any Co. Wants to pay more than 11% to its directors, than whether it needs to take permission from CG first or it need to pass SR in GM.
If any Co. Wants to pay more than 11% to its directors, than whether it needs to take permission from CG first or it need to pass SR in GM.
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Provided that the company in general meeting may, with the approval of the Central Government, authorise the payment of remuneration exceeding eleven per cent. of the net profits of the company, subject to the provisions of Schedule V:
As per the amendment in first proviso toSection 197 of the Companies Act 2013, if the Company wants to pay the remuneration to its directors, the Company by passing special resolution in general meeting may approve subject to the provisions of Schedule 5.
But now Central Government approval is not required
As per the Latest amendment act CG permission is dispensed with. Special Resolution is sufficient.
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