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of <h1>Nidhis and Mutual Benefit Societies Exempt from Central Govt Approval for Managerial Pay Under Section 309(4) Companies Act 1956</h1> The notification issued by the Department of Company Affairs specifies conditions under which Nidhis and mutual benefit societies are exempt from requiring Central Government approval for managerial remuneration under section 309(4) of the Companies Act, 1956. Approval is not needed if the entity lacks a managing director, whole-time director, or manager; if total director remuneration does not exceed 10% of net profits or five lakh rupees, whichever is less; and if such remuneration is approved by a special resolution passed by the entity.
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