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Managerial remuneration

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 September 2013 Suppose remuneration is paid to a director not as per Ss. 198 or 309 or if the remuneration paid is in excess of the limits specified in Schedule XIII and is to be refunded to the Company since CG approval is refused. Would such excess amount, till it is refunded constitute an advance or loan to a director & would it contravene S. 295
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
05 October 2013 Yes this has to be as the petition has been refused.

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