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Urgent please

Pankaj Arora (Learner) (3134 Points)

28 December 2011

Dear All

Please let me know the difference between schedule XIII and section 198 of companies act?

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3 Replies

nidhigoel89 (Company Secretary ) (594 Points)
Replied 31 December 2011

Mr. Pankaj,

Thr is no difference in sec 198 and schedule XIII, Sec 198 sec 309 and sechedule XIII works simultenously for managerial remuneration.

Regards

Nidhi

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Pankaj Arora (Learner) (3134 Points)
Replied 31 December 2011

Thanks nidhi and wish you a very happy new year . pls also let me know what is the meaning of 11 % of profit remuneration is this different from the limit prescribe in companies act that if companies paid up capital is less than 1 crore than director will get only. Rs. 75000 as remuneration ..

CS MOHIT SALUJA (PRACTICING CS Jalandhar 9914558709) (5155 Points)
Replied 31 December 2011

Mr. Pankaj, as you are talking about 11% remuneration. In case of Public Limited Companies, the directors will be paid not more than the 11 % of profit as their remuneration in case the company has the adequate profits. and in case the company has no profit or inadequate profits, and the company want to pay its directors as remunertion, in that case the directors will be paid as per the limits of the paid up capital after passing the resolution and taking the CG Approvals. For deatils, have a look over the Schedule XIII of CA.