Prashanth (Chartered Accountant) (2322 Points)
26 August 2011
Hi all,
If the appointment of MD/WTD is disapproved or not approved by the share holders in the General Meeting or by the Central Govt.as the case may be,in such case is MD/WTD is liable to refund the managerial remuneration to the company if he so received previously?
RG - A Helping Hand
(Company Secretary)
(13867 Points)
Replied 27 August 2011
Yes he has to refund the managerial remuneration received from the company without permission.
Kindly refer section 309(5A) and (5B).
CAclubindia
