Can the Company pay remuneration to its Managing Director and Whole Time Director on availability of sufficient profit upto prescribed rates provided in the Section 197 of the Companies Act, 2013 on Net profit of the current year, even though the Central Government has fixed their remuneration for a particular period.
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Managerial remuneration
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I think it can be done with the permission of Central Government only.
PART II
REMUNERATION
Section I.— Remuneration payable by companies having profits:
Subject to the provisions of section 197, a company having profits in a financial year may pay remuneration to a managerial person or persons not exceeding the limits specified in such section.
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