16 May 2015
Facts: One of our client an unlisted public company incorporated on 1st April 2011.having 4 Directors, has paid a remuneration of Rs 20 lakhs to its directors in totality, during the year 2014 – 15. Net profit of the Company for the year is Rs 40 Lakhs approx after remuneration. Query: Now taking into consideration sec 197, Sch V, Sec II & Sec III of the Companies Act 2013. Is this remuneration allowed under the provisions of Companies Act 2013? & also what are the compliance that needs to be carried under Companies Act 2013. Resolutions & approvals if any.
CAclubindia
