Dear All,
Please find below my query:
The appointment term of a Whole-time Director ends on 31-Dec-11. He is to be reappointed w.e.f. 01-Jan-12 for a period of 3 years by the Board, subject to approval of the shareholders at the Annual General Meeting to be held in July next year. The Whole-time Director is paid a revised salary w.e.f. 01-Jan-12
In the Annual General Meeting of the Company, if the shareholders doesnt not approve the re-appointment of the Whole-time Director in the said AGM, what would be the effect on salary paid so far to the WTD w.e.f. 01-Jan-12 ?
Should the WTD refund back the salary received w.e.f. 01-Jan-12 to the Company or the Company needs to take approval of the Central Government to waive off such remuneration ?
I would be thankful to you all, if I get immediate reply to my query.
Thanking you.
Parag Bhatt
CAclubindia
