TMI BlogOverall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits.X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from the gross profits: Provided that the company in general meeting may, with the approval of the Central Government, authorise the payment of remuneration exceeding eleven per cent. of the net profits of the company, subject to the provisions of Schedule V: Provided further that, except with the approval of the company in general meeting, (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 not exceed ten per cent. of the net profits to all such directors and manager taken together; (ii) the remuneration paya ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by him in any other capacity: Provided that any remuneration for services rendered by any such director in other capacity shall not be so included if (a) the services rendered are of a professional nature; and (b) in the opinion of the Nomination and Remuneration Committee, if the company is covered under sub-section (1) of section 178, or the Board of Directors in other cases, the director possesses the requisite qualification for the practice of the profession. (5) A director may receive remuneration by way of fee for attending meetings of the Board or Committee thereof or for any other purpose whatsoever as may be decided by the Board: Provided that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any director which purports to increase or has the effect of increasing the amount thereof, whether the provision be contained in the company s memorandum or articles, or in an agreement entered into by it, or in any resolution passed by the company in general meeting or its Board, shall not have any effect unless such increase is in accordance with the conditions specified in that Schedule and if such conditions are not being complied, the approval of the Central Government had been obtained. (12) Every listed company shall disclose in the Board s report, the ratio of the remuneration of each director to the median employee s remuneration and such other details as may be prescribed. (13) Where any insurance is taken by a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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