The AOA interalia provides the followings:
"The Directors shall be paid Rs---------------as sitting fee for each meeting of the Board or Committee thereof."
But the Co is not paying sitting fee to its directors and all are promoters directors.
How can we get the rid of non-compliance ?
As per me, we can take the waiver letter from each director and make a note in the BM and later on alter the AoA giving power to board to pay such fee as they may think fit subject to the limit fixed by the Act.
Am i right ? Any other option ?
CAclubindia
