Director remuneration approval required: increases need Central Government sanction, with modest meeting fee increases exempted under a prescribed limit. Provision requires Government sanction for any provision or amendment that increases director remuneration in a public company or a private subsidiary of a public company; where Schedule XIII applies increases must conform to it, otherwise Central Government approval is required and disapproved amendments become void. Meeting attendance fees increased within the prescribed limit are exempted from Government approval, while excess meeting fee provisions in a private company become deemed increases on conversion to a public company and require Central Government approval to have effect thereafter.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Director remuneration approval required: increases need Central Government sanction, with modest meeting fee increases exempted under a prescribed limit.
Provision requires Government sanction for any provision or amendment that increases director remuneration in a public company or a private subsidiary of a public company; where Schedule XIII applies increases must conform to it, otherwise Central Government approval is required and disapproved amendments become void. Meeting attendance fees increased within the prescribed limit are exempted from Government approval, while excess meeting fee provisions in a private company become deemed increases on conversion to a public company and require Central Government approval to have effect thereafter.
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