Commission to directors of private limited co
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 March 2014
under the companies act 2013 how should the commission to directors of a private limited co be calculated.is there any ceiling and kindly quote the sec relating to commission under the new act.
thank you
thank you
04 March 2014
Refer 188 of the companies act 2013 as there are no limits for a private company:
188. (1) Except with the consent of the Board of Directors given by a resolution at a meeting of the Board and subject to such conditions as may be prescribed, no company shall enter into any contract or arrangement with a related party with respect to—
(f) such related party's appointment to any office or place of profit in the company,
its subsidiary company or associate company
Explanation.— In this sub-section,—
(a) the expression “office or place of profit” means any office or place—
(i) where such office or place is held by a director, if the director holding it
receives from the company anything by way of remuneration over and above
the remuneration to which he is entitled as director, by way of salary, fee,
commission, perquisites, any rent-free accommodation, or otherwise;
188. (1) Except with the consent of the Board of Directors given by a resolution at a meeting of the Board and subject to such conditions as may be prescribed, no company shall enter into any contract or arrangement with a related party with respect to—
(f) such related party's appointment to any office or place of profit in the company,
its subsidiary company or associate company
Explanation.— In this sub-section,—
(a) the expression “office or place of profit” means any office or place—
(i) where such office or place is held by a director, if the director holding it
receives from the company anything by way of remuneration over and above
the remuneration to which he is entitled as director, by way of salary, fee,
commission, perquisites, any rent-free accommodation, or otherwise;
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