revise remuneration

Originally posted by : Rajesh srivastava
	sir we are going to revised and enhanced the salary of President and ceo( both are relative of md) u/s. 314 withing egm limit i.e. 100000/-pm , what procedure should be adopted for this purpose, and there is necessary for approval or recommendation from the selelction commitee, and further we are going to enhanced the salary of our md within limit, what procdure should be adopted, recomendation of remuneration commitee is mandatory or not.....sir pls if possible

Hello Rajesh Ji,

First, in case of 314 Limits has been enhanced to Rs. 2,50,000/-. Accordingly, upto Rs. 250000/- you are not required to seek Central Government Approval. Therefore, the appointment and revision of salary can be done only by way of Special Resolution. (Prior SR in case the remuneration exceed Rs. 20000/-).

Further, in case of enhancement of salary of MD, schedule XIII would be applicable and accordingly the salary must be approved by the Remuneration Committee and Special Resolution must be passed.

Only form 23 is to be filed in case of change in remuneration only. Form 25C is not requried to be filed.

sir, recommendation of remuneration commitee,i think, if only fall in secudule 13, part-2 of section-2,(remuneraion payable by co. having no profit or inadequate profits.) we have revised the salalr part 2- of section 1,.  Here is also need of recommendation from  Remuneration commitee, and remuneration comitee is mandatory for unlisted public company. or not

In section I, the approval of Remuneration Committee is not required..

thank a lot sir,..........