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Managerial remuneration
as per the provisions of companies act 1956, a special resolution is required to be passes in general meeting before increasing the managerial remuneration upto the limit specified in schedule XIII. what would be the impact if such resolution was not passed.
Plz reply.
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Special resolution is required to be passed for payment of remuneration not exceeding 3 years in cases of no profit or inadequate profit in cases covered in clauses (B) & (C) of para 1 of Section II, Part II of Schedule-XIII. In case such special resolution is not passed, conditions of Sch.XIII are not fulfilled and hence approval of CG will be required u/s 269(2). In case of default, court can pass order u/s 269(9) and penalty given in Sec.269(10) will be attracted.
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