Can a Company (PVt Ltd/Public Ltd) provide club membership to its diretors. I mean can a company pay membership fee while the director will be the member in his capacity?
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 19 February 2014
Club membership fee is part of remuneration package of the director. In case of private company, there is no ceiling on managerial remuneration and hence company can pay the same. In public company it should be within the ceiling specified in Sec.198 read with Schedule XIII to the Act.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
