if initaially he was director and getting 150000 as salary co was private co but now it has become public co and schXIII is APPLICABLE and he is appointed as md and person wants same salary so according to which section he will be getting it and if all sections of schedule XIII are independent of each other
Since the company is converted as Public Limited Company, the limits on managerial remuneration is very much applicable to the company.
For the limits on managerial remuneration please refer to Section 198, 309 and Schedule XIII of the Companies Act, 1956.
R P S K & Associates
Nashik
CA Inter
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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CAclubindia
