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Mgt 9 and remuneration to executive director

Sourav Chatterjee (Management Trainee) (171 Points)

13 October 2015

Executive Director of Pvt Ltd company are getting salary without being categorized as Whole Time Director.

Since MGT 9 has prescribed the field for putting up the remuneration as WTD/MD/Manager/Executive /Independent, at the time of filling up the MGT 9, where to disclose such remuneration.

Regards,

Sandip Goswami

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5 Replies

Ajit Hegde (CA - Final) (1367 Points)
Replied 14 October 2015

See the defination of a manager. A director can also be a manager. Accordingly you can enter the details in the same space provided.

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Sourav Chatterjee (Management Trainee) (171 Points)
Replied 16 October 2015

In order to designate a person as Manger. lot of other compliances need to be complied with and simply the said Director in working in capacity as "Manger."

Regards,

Sando Goswami

sunitashaw (Company Secretaries) (76 Points)
Replied 16 October 2015

I too faced the same problem, what I did that in MGT-9 -i disclosed the salary of Director who is in whole time employment but not designated as a whole time Director in Remuneration to other directors (other specify) and give notes.

Sourav Chatterjee (Management Trainee) (171 Points)
Replied 16 October 2015

Thanks for reply.

But in your case you have put the remuneration in the field of non executive. What to do if director is executive.

Regards,

Sandip Goswami

sunitashaw (Company Secretaries) (76 Points)
Replied 16 October 2015

In my case also Directors are executive Directors because he is in whole time employment.Non Executive director are outside Director who can only attend the meeting but cant take any companies decision.