procedure to increase remuneration of a whole time director

3764 views 3 replies

shruti

company secretary

42 Points Joined May 2008

Dear Members,

Can anyone please tel what is the procedure to increase the remuneration of a whole time director.

I have prepared necessary draft of notice & resolution to be passed at EGM for increase in remuneration of a whole time director. as the remuneration increased is within the limits:-

do i need to fill any form also intimating roc?? or
do i need to inform any government authority or take permission prior to increase in remuneration? ( remuneration increased is within the limits as specified in schedule XIII)

kindly guide me over the matter

Regards

CS Shruti Agarwal

Replies (3)

CS Hanisha

COMPANY SECRETARY

122 Points Joined March 2009

firstly a board meetin is to be held discussin the aforesaid matter and also regarding convenin the EGM.

2. Notice of the EGM is to be sent as per laws.

3.conduct EGM

4.File form 23 for the registration of BOARD resolutions.TO BE FILED WIDIN 30 DAYS OF BOARD MEETIN

5. Form 25C also be filed as its a matter of whole time director. and the notice, minutes n resolutions to be attached WIDIN 90 DAYS.

this is as per my knowledge

CS Hanisha

COMPANY SECRETARY

122 Points Joined March 2009

n no need to take prior permission if the amt. is widin the limits ...If it exceeds the prescribed limits u need to take prior approval of the CENTRAL GOVERNMENT.

CS Ankur Srivastava

Company Secretary & Compliance Officer

17858 Points Joined November 2008

Dear Shruti,

If the increase is within the limits specified in Schedule XIII no approval would be required other wise Central Government approval would required to be obtained.

In this regard Section 310 specifically provides for the same.