Urgent - Sitting Fees Resolution and explanatory statement

[CS Sunil Sharma]

Dear All,

 

I am in urgent need for the resolution and explantaory statement to increase the sitting fees by alteration of the AOA.

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Regards,


Sunil Sharma
(CS & LLB)
Company Secretary
Rockland Hospitals Limited
B-33-34, Qutab Institutional Area,
New Delhi - 110016
Mobile:  +91-9650872243,
            +91-9868977722
Profile at
http://in.linkedin.com/in/cssunilsharma

[Sridevi B.N]

Increasing the sitting fee payable to the Directors 

 

It was informed to the Board that the sitting fees payable to the Directors for each Board meeting attended by them was fixed at Rs. 10,000/- .

 

Considering the  extensive and require detailed study and deliberations by the directors  of the Company.  It was therefore proposed that the sitting fees payable to the Directors be increased from Rs. 10,000/- to Rs. 20,000/- payable for each meeting of the Board with effect from ...............2010.

 

The Board discussed the matter and passed the following resolution:

 

“RESOLVED THAT consent of the Board be and is hereby accorded for payment of a sum of Rs. 20000/- as sitting fees for each meeting of the Board, attended by a Directors, for all meetings held after ............, 2010.”

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[CS Sunil Sharma]

Mam Thanks a lot but the resolution is not meant for the Alteration of AOA.

 

Pls guide me accordingly

 

[Vivek Aggarwal]

Dear Sunil

 

The AOA is not to be altered for increasing the sitting fees. The limits for sitting fees are prescribed by Rule 10B of the Cos.(Central Govt.)General Rules & Forms, 1956.

Regards

Vivek Aggarwal

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From: CS Sunil Sharma <suni...@gmail.com>
To: csmy...@googlegroups.com
Sent: Thu, 8 July, 2010 5:31:48 PM
Subject: Re: [CSMysore] Urgent - Sitting Fees Resolution and explanatory statement

[CS Sunil Sharma]

Sir,

 

I suppose if the AOA restricts by stating that ______ amount to be given as sitting fees then it implies we are bound by that and its a stricter provision restraining us to pay more under within limits

 

[Vivek Aggarwal]

Dear Sunil

 

Let me clarify. You cannot pay higher than the limit prescribed in the rules. If the AOA prescribes an amount higher than that of the rules, this is violation of the act but even otherwise I am highly doubtful if there is any clause in the AOA fixing the amount of sitting fees. Pls. check.

Regards

Vivek Aggarwal

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From: CS Sunil Sharma <suni...@gmail.com>
To: csmy...@googlegroups.com

Sent: Fri, 9 July, 2010 5:00:58 PM