19 June 2012
As Director remuneration is governed by Articles for Pvt ltd co,article language is as follows:
Subject to the Provision of section 198.309,310 and 311 of the Act,MD /WTD ,shall in addition to the remuneration payable to him as a director of the company under the articles,receives such additional remuneration as may from time to time be sanctioned by the company.
I want to know whether remuneration can be more than the limits prescribed under above mentioned sections?
19 June 2012
Dear Friend, you are right that the provisions of AOA of a private company governs its working. But in your case your MD/WTD can get excess payments as prescribed by passing a resolution in meeting of members. As articles reveals that as may be from time to time sanctioned by the company.
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