We are an unlisted public company. Our effective capital for the F.Y. 2010-11 is negative, as calculated for the purpose of payment of remuneration to a Managerial Personnel.
As per Schedule XIII we should refer to clause (C) of Section II of Part II, for determining the payment of remuneration to a Manangerial Personnel when the effective capital of the Co. is negative.
My question is what is the maximum remuneration that can be paid to a Managerial Personnel in our case?
CAclubindia
