Supreme Court · 1976 INSC 338 · Decided 17 December 1976
Company Law Board v. Upper Doab Sugar Mills LTD. ETC.
- Court
- Supreme Court of India
- Citation
- 1976 INSC 338 · [1977] 2 S.C.R. 503
- Case number
- CIVIL APPEAL No. 1840/1972
- Decided
- 17 December 1976
- Bench
- HANS RAJ KHANNA, A.C. GUPTA, JASWANT SINGH (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution; Companies Act Section 19
Headnote
503 Companies Act, 1956-Ss. 19"8, 269, 309 and 637A...,..Scope of-Company Law Board-If could fix overall maximum remuner11tion to managing directors while giving approval under s. 269. Section 198 ( 1) of the Companies Act, 1956 provides that the total manager­ ial remuneration payable by of a financial year shall not exceed eleven per cent of the net profits of that company for that financial year. Sub-section (3) prescribes that within the limits of the maximum remuneration specified in sub-s. ( 1) a company may pay a remunera­ tion to its managing or whole-time director
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