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Directors on company boards can now be paid more as sitting fee. They can be paid up to Rs 1 lakh per board meeting or a committee meeting thereof.
The new rules notified under Section 197 of the Companies Act 2013, said, “A company may pay 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 Rs 1 lakh per meeting of the board or committee thereof. “
For Independent directors and women directors, the sitting fee shall not be less than the sitting fee payable to other directors.
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