19 September 2012
In a closely held public ltd. company, if the remuneration paid to the directors exceeded the overall limit laid down in the Act,what will be the consequence?Will it be necessary to ask for refund from the directors?What will be the auditors duty in this case? Directors were appointed without the Central Govt.s approval.
20 September 2012
In that case the appointment must be under schedule XIII and the remuneration are to be given under effective table as per the effective capital.
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