Any body please clarify , what are restrictions asper Indian Companies Act for fixing remuneration to Chairman and board of directors , what are the legal formalities are to be ensured.
Thanks in Advance
Regards
P. Raja
P. Raja (Manager Finance & Accounts) (198 Points)
12 May 2009Any body please clarify , what are restrictions asper Indian Companies Act for fixing remuneration to Chairman and board of directors , what are the legal formalities are to be ensured.
Thanks in Advance
Regards
P. Raja
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 12 May 2009
Please inform the status of your company i.e. is it a public or private company?
if your co. is a pvt. co. then in that case restriction on managerial remuneration not applicable.
If it is a public co. then relevant sections are 198, 309, 310 and 311 read with schedule XIII of companies act, 1956. Please go through these sections for more understanding.
Revert for further clarity. Regards
CAclubindia
