Conditions for appointment of managing/whole-time Director, etc. - Provisions of Schedule XIII inserted by the Companies (Amendment) Act, 1988 explained

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..... Act, 1988 explained As per Schedule XIII, the overall limit of perquisites and gratuity have been prescribed as under:-- "Perquisites - Perquisites may be allowed in addition to salary and/or commission or both. In the case of persons posted at Bombay, Calcutta, Delhi and Madras, perquisites shall be restricted to an amount equal to the annual salary or Rs. 1,35,000 per annum, whichever is less .....

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