We are a private limited company with one independant director to whom we pay sitting fees and nothing more.
Recently this ID conducted a workshop for the benefit of the management team of the company. For his efforts, we want to compensate him with a certain amount.
What will be the compliance in this case?
Companies Act, 1956 provisions relating to managerial remuneration applicable only to public companies and private companies which are subsidiaries of public companies . Since yours is a private limtied company, you can pay any amount as compensation irrespective of being indepedent or whole time director.
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