Can a Private Limited Company through its Director Policy may incorporate following things
"On Retirement of Executive Director or Managing Director he shall be entitled to monthly pension equal to his last drawn salary for his entire lifetime.
In case of his demise during superannuation period or on his demise while he is in service as director, his/her spouse shall be entitled for half of last drawn salary for his/her lifetime.
This would be applicable only in case he/she outlives his spouse, no other person/dependent shall be entitled for this benefit.
However, in case director disqualified, terminated or resign for whatsoever reason, he shall not be entitled for this benefit."
Please tell with company act as well as income tax act approach.
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