In Listed company
1) We have reappointed managing director for 3 years w.e.from 01.04.2010 (SALARY BASIC 275000) and filed form 25C..(Remuner.is within the limit)
2) On 16.12.2010 we Increased remuneration (by way of free furnished accommodation of Rs. 85000/-) W.e.from 16.12.10 & filed 25A for CG approval on 26.2.11
3) CG DENIED THE APPROVAL on 30.5.2011
4) We further requested by way of representation to CG for approval of remunnr. , that also denied by CG on 09.12.11
5) Now finally our mgmt. have decided that since 85000 is denied by CG , we will reduce the amount of basic salary to 190000+and 85000 free furnish acco.so the original salary of 275 is split up.
Please suggest the form to be filed (if any) with roc , for split up this change (190+85) and this change has to be taken from wch date ( Board res. date / cg letter date/ or any other date which mgmt. approves )
Form 23 as per section 192(4) (c) is aplicable .? is there any need to file revised from 25c (with penalty as effective date of appointment is 01.04.10--(now there is only split )?
Please suggest
CAclubindia
