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A Pvt. Ltd. Company has Appointed MD for indefinite period w.e.f. 01/04/09, i.e. before commencement of Co. Act, 2013 at Salary of Rs.1 Lacs, please clarify 1) If Company proposes to Increase Salary of MD from Rs. 1 to 2 Lacs after commencement of Com. Act, 2013, then increase in salary is required approval of members ? b/c provisions of section 197 of Com. Act 2013 in respect of Salary. its limits, revision of Salary etc. is applicable to public Ltd. company only?

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

Posted By: Vasant patel 9 year(s) ago

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Expert Ankit Singhi

Answer to query 1 yes approval of members is required. Answer to query 2 provision of section 197 is also applicable to private company in case of no profit

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