Provision for increase in remuneration to require Government sanction.

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....any director including a managing or whole-time director, or any amendment thereof, which purports to increase] or has the effect of increasing, whether directly or indirectly, the amount thereof, whether that provision be contained in the company's memorandum or articles, or in an agreement entered into by it, or in any resolution passed by the company in general meeting or by its Board of direct....

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....be prescribed[5]]: [6][Provided further that where in the case of any private company which converts itself into a public company or becomes a public company under the provi­sions of section 43A, any provision relating to the remuneration of any director including a managing or whole-time director as contained in its memorandum or articles or in any agreement entered into by it or in any reso....

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....ncluding a managing or whole-time director, which purports to increase"]. [2] Substituted by the Companies (Amendment) Act, 1988, section 47, w.e.f. 15-6-1988, for the words "shall not have any effect unless approved by the Central Government". [3] Inserted by the Companies (Amendment) Act, 1965, Act 31 of 1965, section 43, w.e.f. 15-10-1965. [4] Substituted by the Companies (Amendment) Act, 19....