Draft Board Resolution for Payment of Sitting Fees

Board-Resolution-for-Payment-of-Sitting-Fees

As per the provisions of section 197(5) of the Companies Act, 2013 A director may receive remuneration by way of fee for attending meetings of the Board or Committee thereof or for any other purpose whatsoever as may be decided by the Board, Provided that the amount of such fees shall not exceed the amount as may be prescribed.

As per the Rule 4 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, A company may pay a sitting fee to a director for attending meetings of the Board or committees thereof, such sum as may be decided by the Board of directors thereof which shall not exceed one lakh rupees per meeting of the Board or committee thereof.

Draft Board Resolution for Payment of Sitting Fees

"RESOLVED THAT pursuant to the provisions of section 197(5) of the Companies Act, 2013 read with the Rule 4 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 consent of the board be and is hereby accorded to increase the sitting fees payable to the Non-Executive Directors of the Company from Rs._____/- (Rupees _________) to Rs.______/- (Rupees _________) with immediate effect, for every meeting of the Board of Directors attended by them.”

“RESOLVED FURTHER THAT Mr. / Ms. ______ (Name of the person) be and is hereby authorized to do all acts and take all such steps as may be necessary, proper or expedient to give effect to the aforesaid resolution.”
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