Special resolution format for waiving recovery of excess remuneration paid to a director under Section 197(9) and (10), passed within two years, with MGT-14.
To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:
“RESOLVED THAT pursuant to the provisions of Section 197(9) and (10) and other applicable provisions, if any, of the Companies Act, 2013 and the rules made thereunder, on the recommendation of the Board of Directors [and the Nomination and Remuneration Committee] of the Company [and with the prior approval of [●] obtained on [●]], the consent of the members be and is hereby accorded to waive the recovery of ₹[●] (Rupees [●] only), being the remuneration paid to Mr./Ms. [●], [Managing Director / Whole-time Director / Director] (DIN: [●]), for the financial year [●] [in excess of the limits specified in Section 197 of, and Schedule V to, the said Act / without the approval required under Section 197 of the said Act], which became refundable to the Company on [●].
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to give effect to this waiver in the books of account of the Company, file e-Form MGT-14 with the Registrar of Companies and do all such acts, deeds and things as may be necessary for giving effect to this resolution.”
No rules under this Section yet.