Managerial Remmuneration

What will be the procedure for cancelling the remuneration to MD?

i mean if the co. had earlier fixed the remuneration for MD but now the co. does not want to pay remuneration then what will be procedure?

MD's 5years service is not  completed yet....

In that case Managing Director has to voluntarily agreed for not taking any remuneration and based on his written letter board of director has to pass the resolution for non payment of remuneration to M.D.

Sir, thanks a lot for infomation 

one more queries, what are the procedures to inform the Roc of such changes in remmuneration of MD.

thanking you

As the M.D. has the substancial power and was appointed by the shareholders in their meeting by passing SR and thru an agreement between the Company nag the Md where the remuneration paid to MD was stated and a return uder eform 25C filed with the ROC. Now if a Company want to change the remuneration of Me, it has to take concent of its shareholder by passing SR and a written consent from the MD that he will not draw any remuneration from that Company and a eform 23 has to be filed with ROC.

What steps need to take in case increase in remmuneration of directors with in slab & limit as approved earlier at the time of his appointment under schedule XIII