Remuneration to Directors
This query is : Resolved
25 January 2010
Whether remuneration to the Managing Director and other director within the limits of the provisions of companies act require the APPROVAL OF SHAREHOLDER IN THERIE MEETING.
25 January 2010
Yes you have to take approval of members for appointment of MD even if it is within limit (Refer Part III of Schedule XIII of Companies Act, 1956)
25 January 2010
I would refer you section 309 & 198 of Companies Act 1956 which states about Remuneration of Directors and yes by a special resolution, if articles provide for it, passed in the general meeting of the Company the remuneration of directors or MD's calculated in accordance with section 198 may be decided so it requires shareholder's approval. These conditions are mainly applicable for public companies.
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