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TMI BlogPayment of commission to Non-Whole Time Directors of the company under section 309(4)(b) of the Companies Act, 1956.X X X X Extracts X X X X X X X X Extracts X X X X ..... Payment of commission to Non-Whole Time Directors of the company under section 309(4)(b) of the Companies Act, 1956. - News and Press Release Dated:- 30-3-2011 - News - General Circular No. 4/2011 F. No. 14/6/2011-CL-VII Government of India Ministry of Corporate Affairs 5th Floor, 'A' Wing, Shastri Bhawan, New Delhi, Dated:- 4th March, 2011 To, All Regiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Directors All Registrars of Companies The Institute of Company Secretaries of India The Institute of Chartered Accountants of India The Institute of Cost and Works Accountants of India Subject :- Payment of commission to Non-Whole Time Directors of the company under section 309(4)(b) of the Companies Act, 1956. Companies are making applications to the Central Government for paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of remuneration in the form of commission to their Non-Whole Time Director(s) even when the total commission to be paid to all the Non-Whole Time Director(s) taken together falls within the limit of 1% of net profit of the company under Section 198 of the Act [when the company has a Whole Time Director(s) or a Managing Director(s)] or within the limit of 3% net profit of the company under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 198 of the Act [when the company does not have a Managing Director or a Non-Whole Time Director(s)] in addition to the sitting fee. This is based on a decision of this Ministry taken in File No. 6(a) CL-1/66 issued several decades back. 2. It has now been decided that a company shall not require approval of the Central Government for making payment of remuneration by way of commission to its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Non- Whole Time Director(s) in addition to the sitting fee if the total commission to be paid to all those Non-Whole Time Directors does not exceed 1% of the net profit of the company if it has a Whole Time Director(s) or 3% of the net profit of the company if does not have a Managing Director or Whole Time Director(s). (L.K. Trivedi) Under Secretary - News - Press release - PIB Tax M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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