https://www.taxtmi.com/caselaws?id=100011 Government policy is not the same as public policy for purposes of section 637AA of the Companies Act, 1956, because public policy is a legal concept that must be recognised by law and not assumed from executive preference. The Delhi HC further held that managerial remuneration under the Companies Act had to be approved strictly within the statutory scheme in sections 198, 269, 309, 310, 637A and 637AA. Executive guidelines could not replace the prescribed statutory factors or operate as an independent source of authority, so approvals based on those guidelines were ultra vires and invalid. en-us Fri, 01 Aug 1980 00:00:00 +0530 Mon, 30 Jan 2012 18:27:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100011 Government policy is not the same as public policy for purposes of section 637AA of the Companies Act, 1956, because public policy is a legal concept that must be recognised by law and not assumed from executive preference. The Delhi HC further held that managerial remuneration under the Companies Act had to be approved strictly within the statutory scheme in sections 198, 269, 309, 310, 637A and 637AA. Executive guidelines could not replace the prescribed statutory factors or operate as an independent source of authority, so approvals based on those guidelines were ultra vires and invalid. Case-Laws Companies Law Fri, 01 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100011