Remuneration to Directors of Private Limited Company
This query is : Open
25 April 2020
Company: Private Limited
No. of Directors: 3
Company Incorporated: 01/04/2019
Year closed on 31/03/2020
None of them are appointed as MD/WTD/Manager vide AOA/Board Meeting/GM
But all three worked actively in Company. They are to be given salary/remuneration for 2019-20.
Please explain giving reference to provisions of Companies Act, 2013, how can they be given salary?
No. of Directors: 3
Company Incorporated: 01/04/2019
Year closed on 31/03/2020
None of them are appointed as MD/WTD/Manager vide AOA/Board Meeting/GM
But all three worked actively in Company. They are to be given salary/remuneration for 2019-20.
Please explain giving reference to provisions of Companies Act, 2013, how can they be given salary?
26 April 2020
No restriction under salary/remuneration payment to directors in private limited company.
26 April 2020
But,at least, payment should be supported by a board resolution.
27 April 2020
Firstly, thanking you both sirs for replying.
If Board Resolution required, then as per Section 117, it has to be filed with RoC within 30 days of appointment of MD.
If Board Resolution required, then as per Section 117, it has to be filed with RoC within 30 days of appointment of MD.
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