The Chairman explained  the Board that according to the remuneration policy and financial position of the Company and the contribution made by Mr. ABC, Director of the Company in the expansion and growth of the Company, it is proposed to pay Rs ______/- per month as monthly remuneration to him. After some discussion, it was:-

“RESOLVED that considering the financial position of the Company and the qualification, experience and past performance of Mr. ABC, the Committee hereby approves the payment of Rs.______/- as monthly remuneration to Mr. ABC, as the Executive Director of the Company, if appointed by the shareholders at the general meeting of the Company.”