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July 23, 2001
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Money > Business Headlines > Report July 23, 2001 |
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Keep manager moolah out of company law ambit: FicciBS Corporate Bureau Managerial remuneration should not be governed by the provisions of company law. It should be left to the organisation to decide how much managerial remuneration should be given, with the prior approval of the shareholders, says the Federation of India Chambers of Commerce and Industry. However, if it is felt that managerial remuneration should be governed by the company law then the existing limit of 11 per cent of net profit is on the lower side and should be increased suitably and more particularly the limit prescribed for the non-executive directors, it added. At present, under Section 198 of the Companies Act, the total managerial remuneration payable by a public company or a private company which is a subsidiary of a public company, to its directors and its managers in respect of any financial year shall not exceed 11 per cent of the net profit of that company. In case of a professional appointee having no interest in shareholding in a new company or a company having past losses or not requiring large effective capital like information technology firms, the chamber suggested that the department should be liberal having regard to their qualification, experience and future prospects of the applicant company. Powered by YOU MAY ALSO WANT TO READ:
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