A Director was appointed for 3 years. The Central Government gave approval of appointment for 3 years but gave approval of payment of remuneration for only 2 years. Now while applying for further approval of remuneration for 1 year it was noted that the effective capital of the Company has become Negative. Will part C of Schedule XIII apply in this case? Part C says to get Prior Approval of Central government. When are we required to apply for Prior approval? The said Company is an Unlisted Company and the Director holds 44% shares in the Company.
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Query w.r.t. directors remuneration
Replies (1)
Ms. Shreya,
As per the latest notification issued in May, 2011 regarding Managerial Remuneration Only Listed Company and Subsidiary of Listed Company are required to get the CG Approval.
Hence your company is unlisted company then i dont think so that ur company needs any CG approval.
Nidhi
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