Decrease in the remuneration of director

This query is : Resolved

chetan (Querist)
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28 December 2014 Good Evening Respected Sir/Madam,

i have one query related with decrease in the remuneration of a director. a PVT company incorporated as per new Companies Act, 2013 with 2 person who are the Whole Time directors as well as shareholders of the company. they want to decrease their salary from 25000 to 20000 p.m. in the article of the company A clause mentioned

"Subject to the provisions of the Act,—
(i) A chief executive officer, manager, company secretary or chief financial officer may be appointed by the Board for such term, at such remuneration and upon such conditions as it may thinks fit; and any chief executive officer, manager, company secretary or chief financial
officer so appointed may be removed by means of a resolution of the Board;"

Now my query is still the company needs to file MGT-14 or a simple board resolution is sufficient and taken into records?

Swati Sethi

Swati Sethi (Expert)
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29 December 2014 No. There is no requirement to file MGT-14.

chetan

chetan (Querist)
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30 December 2014 thanks you mam. so whether the company needs to retain the copy of board resolution only for record purposes.. because the company filed MR-1 of both the whole time director specifying their salary@25000/- each or any further action which the company should take to give effect the said resolution?

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