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April 2011

Exemption from taking Central Government for managerial remuneration.

By Sejal Vasa, Company Secretary
Reading Time 1 mins
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The MCA has granted a general relaxation to companies from the requirement for taking an approval of the Central Government for making payment of remuneration by way of commission to its non-whole-time director(s) in addition to the sitting fee, if the total commission to be paid to all those non-whole-time directors does not exceed:

1% of net profit of the company if it has one or more whole-time director

3% of the net profits of the company if it does not have a managing director or whole-time director(s). Please visit MCA website for complete text of the Circular: http://www.mca.gov.in/Ministry/pdf/ Circular_4-2011_4mar2011.pdf

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