The act has fixed that the total remuneration payable to all directors in a company shall not exceed 11% of its net profits computed in the manner laid down in sections 349 and 350 of the act. These provisions do not apply to a private limited company. It has already …

The board of directors is entrusted with the management and direction of the company to carry out its objects as contained in its memorandum and on the basis of the provisions in the act and in the articles of association. No company can function without a validly constituted board at …