VIKASH (DIRECTOR) (80 Points)
01 February 2011Hi , I have flg queries :-
[1] Is there any limit in director salary in a limited co ?
[2] Does increase in director salary require shareholders permission
[3] Does the change in director salary require to be informed to ROC immediately after change?
thanks,
vikash
9936699412
nidhigoel89
(Company Secretary )
(594 Points)
Replied 01 February 2011
Hello!
You can take the reference of Sec 198, 309, 310 and schedule XII of Co. Act.
Regards
Nidhi
nidhigoel89
(Company Secretary )
(594 Points)
Replied 01 February 2011
Sry, its schedule XIII...............that was jst a typing error
Jayashree S Iyer
(Company Secretary)
(3224 Points)
Replied 01 February 2011
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Answer to your quries are marked in Red. Originally posted by : VIKASH |
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Yes. Refer to Sections 198, 309,310 and Schedule XIII of the Companies Act, 1956 Yes. Section 310 & 311 read with Part III of Schedule XIII. Yes if it is a reappointment + increase, Form 25C is required to be filed as per Section 269. If it's only increase (during the tenure of the contract) I think it's not required. |
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Jayashree S Iyer
(Company Secretary)
(3224 Points)
Replied 01 February 2011
Also attached please find a write up on managerial remuneration which may be useful to you.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 01 February 2011
| Originally posted by : Jayashree S Iyer | ||
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[3] Does the change in director salary require to be informed to ROC immediately after change? Yes if it is a reappointment + increase, Form 25C is required to be filed as per Section 269. If it's only increase (during the tenure of the contract) I think it's not required. |
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Dear Jayashree,
Yes, in case of only change in terms of payment form 25C is not required to be filed. However, in case of Special Resolution, form 23 is to be filed.
CAclubindia
