https://www.taxtmi.com/acts?id=31738 Amendments remove prior Central Government approval and require company approval of director remuneration by special resolution, with prior creditor consent where the company has defaulted. Directors who receive excess remuneration must refund it within two years or a lesser period and hold it in trust until refunded. Waiver or approval of such refunds must be sanctioned by special resolution within two years, subject to creditor consent in default cases. Auditors are required to report on remuneration compliance. Pending Central Government applications under the old regime abate; companies must obtain approval under the amended provisions within one year. en-us Thu, 04 Jan 2018 18:52:45 +0530 Thu, 04 Jan 2018 18:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=31738 Amendments remove prior Central Government approval and require company approval of director remuneration by special resolution, with prior creditor consent where the company has defaulted. Directors who receive excess remuneration must refund it within two years or a lesser period and hold it in trust until refunded. Waiver or approval of such refunds must be sanctioned by special resolution within two years, subject to creditor consent in default cases. Auditors are required to report on remuneration compliance. Pending Central Government applications under the old regime abate; companies must obtain approval under the amended provisions within one year. Act-Rules F. Acts / Amendment Acts Thu, 04 Jan 2018 18:52:45 +0530 https://www.taxtmi.com/acts?id=31738