A company wants to pay remuneration to its Director exceeding the limits specified under the Companies Act. What all compliance has to be made for that? The company is a public limited company (closely held).
Thanks.
CA Sharmistha Dan (Practice-Partner) (109 Points)
08 April 2013A company wants to pay remuneration to its Director exceeding the limits specified under the Companies Act. What all compliance has to be made for that? The company is a public limited company (closely held).
Thanks.
CA Tushar Singhania
(Asst. Manager Accts & Fin.)
(402 Points)
Replied 09 April 2013
As faras i know Sch XIII hasprovision for making excess payments in case of loss making companies. if it is a profit making company then limits specified by the Schedule is final. I dont think you can make payments beyond 3, 5 or 11%
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