Ankur Sir,
I read ur marvellous compilation on the topic
CA Final: Apointment of Managerial Personel Analysis Part-II
A part of the same is reproduced here plus a query reg. the same:
Section 317 provides that managing director is not to be appointed for more than five years at a time and vide Notification No. GSR 36(E), dated 16th January, 2002, the remuneration payable to the Managing Director or Whole-time Director or Manager cannot be approved for more than three years at a time. Further re-appointment of managing director cannot be made for more than five years at a time.
The rem. payable to MD/WTD/Manager can't be approved for more than 3 yrs at a time??
To my knowledge, the said condition forms part only of Schedule XIII [Part II{Section II - Point 1 (B,C,D)}] and
not of Schedule XIII [Part II{Section II - Point 1 (A)}].
So, Is this true - a pub. co. paying rem. to a managerial person within limits of Point 1 (A) of Sch. XIII may approve the rem. for more than 3 yrs. Pl. clarify.
CAclubindia
