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In case of fixation of remuneration under Schedule V of the Companies Act, should the Company obtain prior approval by way of special resolution for payment of remuneration. Section 196(4) provides that the resolution can be passed by the shareholders at the next general meeting. So no prior approval is required and that the remuneration can be approved at the next general meeting.

Remuneration to KMP

Posted By: Arun kumar 10 year(s) ago

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Expert Ankit Singhi

yes no prior approval is required and moreover special resolution is only required if articles provide as such otherwise ordinary resolution will also do

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