Remuneration

I am new to this forum and have minimum exposure to Corporate law and hence sorry if my questions are basic.

Current Situation:

My Grandfather started a public limited company, After him My dad has been the Managing Director for the past 15 years. We have 5 Independent Board of directors.

Company: 60 yrs old Public limited (Share value issued is 5 Lakhs and its been in this limit for several years and shares are distributed to outsiders as well but we are not publicly listed)

Profit each year: around 60-90 Lakhs for the last 4 years

Reserve: 5 Cr ( 3.5 liquid assets in terms of deposits and rest stocks and real estate)

MD remuneration: 17 Lakhs/ Annum ( In adequacy of profit is shown for this, as per my knowledge)

Directors: 5 directors and they receive sitting fees for each meeting and do not have monthly remuneration.

Staff: 200

Question:

1) Now there is a situation that I need to enter the business (I have been earning 24 lakhs/ annum elsewhere). I have been told that I cannot take more that 40,000 salary every month since I am blood related to the Managing director (father/ son). How is this governed by the corporate law. I am curious how competency can be measured and why more salary can be given.

2) In future if we need to expand business and even hire white collars from outside at a higher salary, will this rule apply and what would be our limitations in giving salary

3) Is there any provision in the law that I can be given a better salary i.e 1 Lakh/ month considering my current employment and the value i bring in.

I tried reading myself in the forum and there are terminologies like form. 23, section III.....I am not getting it and I would like to know if there is a link which will help me self educate.

Please help me clarify this situation.