A person is aa whole-time director in an unlisted public limited company. Now, he wants to be appointed as MD in another private company which is subsidiary to the afore mentioned public company. Can he do so ??
Can he draw remuneration exceeding Rs. 48 lakhs p.a. from both the Companies?? In view of the notification GSR 70(E) dated 08th February 2011, no CG approval is necessary for unlisted public companies to pay remuneration to exceeding Rs. 48 lakhs.
So, can he receive remuneration from both the comanies without any maximum limit and without CG aproval??
Both the companies are having inadequate profits to pay hte remuneration.
Pls comment.
CAclubindia
