A profit making company who is delaying in bank loan repayments and interests thereon cannot pay remuneration to their directors until it streamline its repayment process as per its repayment schedule
Is it true?
if yes, please provide the section or rules for reference where the same has been mentioned.
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Remmuneration to directors in case of continues delay in loan repayments
Replies (1)
Read cos(Appt & Remuneration of managerial personnel rules) with sec. 196/197 ,and TnC of appointment of WTD/MD , Generally remuneration linked with profits, If company defaulted in payment of loan ,subject to certain periods, it may be criteria for disqualification of directors....
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