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With your response to my earlier query, understand payment of remuneration to director of pvt.ltd co making losses requires compliance with sch V & hence a general body resolution is required.Would like to raise the following 2 further questions: 1.Would clause (iv) of section II(B) of Schedule V be applicable requiring inclusion of items mentioned therein in the notice calling the general meeting, in case the salary is within limits specified in section II A. 2.Would the remuneration paid to such executive director be required to b disclosed in MGT 9 -item VI annexed to the Board's report. If so,under which item -A, B or C. Kindly advise.

Section 197- Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits.

Posted By: Radha 9 year(s) ago

This question has been closed if you want to answer,you have to re-open.

Expert Ankit Singhi

Answer to query 1 : Conditions prescribed in the proviso are applicable to both the limits i.e A & B. Further for your information that was a drafting error. Answer to query 2 : If remuneration in the cited case is paid to Director who is neither the MD nor the WTD or Manager then it shall be disclosed in Part B of Section VI of Form MGT - 9

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