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A company had appointed a managing director in 2011 under the provisions of the Companies act, 1956. He is a professional and hence as per notification dated 14th july, 2011 he can be paid remuneration without any limits in case of inadequate profits. The question is whether the limits under Schedule V of the new Companies act, 2013 would be applicable while determining the remuneration payable to Professional managing director for the year 2014-15. Since the appointment was made prior to 1st april, 2014, the limits under schedule V should not be applicable. views are solicited from professional colleagues

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

Posted By: Comsec 9 year(s) ago

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    Akansha

Remuneration paid to director in professional capacity shall not be included in calculating the limits given under schedule V subject to two conditions as provided u/s 197(4) :- 1) services rendered shall be of professional nature and 2) in the opinion of the nomination and remuneration committee, if any or the board, the director (MD in the cited case) shall possesses the requisite qualification for the practice of the profession

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