Guarantee commission not remuneration: department withdraws circular treating it as managerial remuneration, no approval required. Guarantee commission paid to directors for personal surety on company loans is not to be treated as managerial remuneration, and the Department has withdrawn its earlier circular that classified such payments as remuneration and required central approval, aligning administrative practice with the judicial view that standing surety payments are not remuneration for services.
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Guarantee commission not remuneration: department withdraws circular treating it as managerial remuneration, no approval required.
Guarantee commission paid to directors for personal surety on company loans is not to be treated as managerial remuneration, and the Department has withdrawn its earlier circular that classified such payments as remuneration and required central approval, aligning administrative practice with the judicial view that standing surety payments are not remuneration for services.
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