Remuneration to Independent director.
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Ravi Popli
Jul 2, 2014, 8:53:06 AM7/2/14
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Dear Friends,
Whether monthly remuneration can be given to independent director as section196(6) say a director may be paid remuneration by way of monthly payment but section 149(9) says that remuneration can be paid as given in section 195(5) which talk about basically sitting fees.
CS Ravi Popli
Ravi & Co.
Company Secretaries
Branch office No:2231,N.H.B.C,Panipat-132103
Head Office No:4th floor,B-372, Meera Bagh
New Delhi-110063
Mobile:90155-55396,99968-30969
Ravi Popli
Jul 3, 2014, 12:09:22 AM7/3/14
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please resolve the problem.
CS Ravi Popli
Ravi & Co.
Company Secretaries
Branch office No:2231,N.H.B.C,Panipat-132103
Head Office No:4th floor,B-372, Meera Bagh
New Delhi-110063
Mobile:90155-55396,99968-30969
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Mabu Basha
Jul 3, 2014, 12:23:05 AM7/3/14
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As per Section 149 and Sub Section (9) Notwithstanding anything contained in any
other provision of this Act, but subject to the provisions of sections 197 and
198, an independent director shall not be entitled to any stock option and may
receive remuneration by way of fee provided under sub-section (5) of section
197, reimbursement of expenses for participation in the Board and other
meetings and profit related commission as may be approved by the members.
As
per my understanding of the provisions, Independent Directors receives
other than the sitting fee it shall affect the Independence. there fore
you can not pay any thing except profit related commission as may be approved by the members.--
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