Dear friends,
Please share procedure for Payment of Commission to Managing Director and Whole-Time Director and Board Resolution, Limit on Commission, Provisions and all details.
Thanks in advance.
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Payment of commission to managing director and whole time director
Replies (8)
The commission you are talking about is Profit Linked or against any work done?
its profit linked and want to pay to md and wtd
Its Public Company or Private?
its Listed Company
The maximum remuneration allowable is 11% with maximum of 5% remuneration to one director. However, this can be increased in GM & with approval of CG. Refer Section 197 read with Schedule V of CA, 2013 for more details.
Can we pay commission excluding salary ?
Can we pay 5% of Net Profit to Managing D and Whole-Time Director as a Commission subject to consent of members in ensuing AGM?
Is Commission will be part of remuneration and it will include in overall limit?
Since, it's profit linked commission, it'll form part of remuneration & maximum remuneration shall be 5% subject to other provisions. Further, I also like to draw your attention on Sec 197(2), 197(5), 197(9) & 197(10)
maximum to every and to director mentioned
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