Query relating to remuneration to Whole Time Director in public unlisted company

    Posted By : damini / Published on : 05-Dec-2019 12:07 PM / View : 107 / Comment : 0
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    Dear Members,

    Query is as follows:

    There is an increase in remuneration of Mr. _____ (WTD) for which a special resolution is passed in the AGM. As per the explanatory statement the following terms is mentioned:
    Salary, Allowances and Perquisites (including benefits, facilities and amenities): Rs. 3,75,00,000 (Rupees Three Crores and Seventy Five Lakhs only) per annum, with the authority granted to the Board of Directors (hereinafter referred to as “the Board” which term shall include in Committee of Directors) to determine the remuneration including inter-se breakup thereof and grant increases from time to time not exceeding 20% per annum but subject to shareholders’ approval in the General Meeting.
    Can the above clause be altered in such a way that if the shareholders approve for increase of 20% p.a in this AGM, the shareholders approval would not be required in the next AGM if the remuneration to be paid is increased from 3.75 Cr to say 4 Cr?

    Please help in this matter and guide accordingly.
    Read more on : public unlisted company director time relating remuneration whole query

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