Hi,
X is appointed as MD in XYZ Ltd and ABC Pvt Ltd. X is MD of a public co and a private co. Remuneration of X from Private Co is Rs. 5.00 Lacs per month and in public co subject to schedule XIII it is Rs. 3.00 Lacs per month.
AS per schedule XIII of Companies Act, 1956, managerial person can not draw remuneration from both the companies which exceed higher maximum remuneration permissible from any of companies of which he is managerial personnel.
My query is :
whether X can draw Rs. 8.00 lacs per month remuneration from both the companies.
Whether afore mentioned provison of schedule XIII will be applicable in this case since he is not MD in two public companies. He is MD of one private Co on which schedule XIII is not applicable.
Does X is eligible to draw remuneration of Rs. 5.00 per month from both the companies.
Pls reply ....
CAclubindia
