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THE COMPANIES ACT, 2013 _____ ARRANGEMENT OF SECTIONS _____ CHAPTER I PRELIMINARY SECTIONS 1. Short title, extent, commencement and application. 2. Definitions. CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO 3. Formation of company. 4. Memorandum. 5. Articles. 6. Act to override memorandum, articles, etc. 7. Incorporation of ...
Jun 1, 2021 · Section 197 of the Companies Act, 2013 Overall Maximum Managerial Remuneration and Managerial Remuneration In Case of Absence or Inadequacy of Profits. (1) Maximum amount of managerial remuneration. Total managerial remuneration payable by a public company, to –. its directors, managing director and. whole-time director and. its manager.
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2 days ago · It is clarified by MCA vide Circular 07/2015 dated 10th April 2015 that where listed companies and their subsidiaries have agreed to pay remuneration to managerial person, without approval of Central Government, in excess of limits specified in para II Para (C) of Schedule XIII of the Companies Act, 1956 (read with MCA’s Circular number 14 ...
197. Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits.—. (i) the remuneration payable to any one managing director; or whole-time director or manager shall not exceed five per cent. of the net profits of the company and if there is more than one such director remuneration shall ...
Nov 4, 2023 · Director remuneration is a critical aspect of corporate governance, governed by Section 197 and 198 of the Companies Act, 2013. This article delves into the regulations and restrictions surrounding the remuneration of different types of directors in various scenarios.
Aug 1, 2023 · Section 197 (6) of the Act of 2013 provides for the way by which a director or a manager may be paid remuneration. The director or manager can either be paid monthly or at a specified percentage of the net profits of the company, or a combination of both, as the case may be.
Feb 27, 2018 · (1) The total managerial remuneration payable by a public company, to its directors, including managing director and whole-time director, and its manager in respect of any financial year shall not exceed eleven per cent. of the net profits of that company for that financial year computed in the manner laid down in section 198 except that the rem...
Calculation of Profits. 198. (1) In computing the net profits of a company in any financial year for the purpose of section 197 ,—. (b) the sums specified in sub-section (4) shall be deducted, and those specified in sub-section (5) shall not be deducted.
Section 197. Overall Maximum Managerial Remuneration and Managerial Remuneration in Case of Absence or Inadequacy of Profits. [ Effective from 1st April, 2014] EXEMPTIONS. Section 197 shall not apply to a Government Company, vide Notification No. GSR 463 (E) dated 5th June, 2015.
