Dear all,
Managing Director was appointed with remuneration in Public Limited Company from 01.04.2010 to 31.03.2013, now our managing director does not want to claim remuneration from 01.04.2012 to 31.03.2013.
What is procedure for waiving remuneration.
Do I need to file form 25c and take approval from the menbers?
As per my view Board resolution alone will do, I need not to file form 25c.
Yes only the Board resolution would suffice, no need of filing form 25C
However after waiver the MD can't claim it later
Only the appointing authority has power to alter the terms of appointment. Therefore you have to pass ordinary resolution and file form 23 nothing else.
As per my view, since MD dnt wish to claim remuneration for 2012-2013 i.e. reminder of his tenure as MD, Board resolution will be sufficient since generally at the time of passing General meeting resolution, a power is generally given to the BOD to alter / vary terms of appt (incl remuneration).
In case Shareholders resolution has this stipulation, you can go ahead with BOD resolution and file form 23. There are no issues.
Regards
AJAY SINGH AND CO LLP
Thane
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