Remunaration to independent director

This query is : Open

Anamit Babar (Querist)
Follow

12 June 2014 Our company going to appoint Independent Director, and I want to know that limits up to which we can pay him remuneration.

and definition of Remuneration.

CS Divesh Goyal

CS Divesh Goyal (Expert)
Follow

12 June 2014 Hello Sir,

As per section 149(9) company will pay independent director only following:

1. Sitting fees as per section 197(5)
2. Reimbusrsment of Expenses
3. Profit related commission only with approval with approval of member.

So Independent director cant get any remuneration.

Remuneration: as defined under Section 2 (78)and includes reimbursment of any direct taxes to the manerial personal.

Anamit Babar

Anamit Babar (Querist)
Follow

12 June 2014 Thank you for valuable reply

Upgrade to CAclubindia Pro. Subscribe Now!