Do any of the provisions under Sec 198, 268, 309(1) and Scedule XIII of Companies relating to remuneration to Directors applicable for Pvt Ltd company having no profits or inadequate profits.
A pvt Ltd co. has one whole time director and one Managing Director both withdrawing a monthly salary. The co has incurred loss in the year 2008-09 (taking into account the salary paid). The two directors are also the shareholders of the company.
Will the provision of the above referred sections applicable (11% of the net profits)
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