TMI BlogNotification for amendment to Schedule V of Companies Act, 2013X X X X Extracts X X X X X X X X Extracts X X X X ..... e Companies Act, 2013 (18 of 2013) or any previous company law (b) in part Il, for section Il, the following section shall be substituted, namely: Section II Remuneration payable by companies having no profit or inadequate profit without Central Government approval Where in any financial year during the currency of tenure of a managerial person, a company has no profits or its profits are inadequate, it may, without Central Government approval, pay remuneration to the managerial person not exceeding the limits under (A) and (B) given below:- (A) : (1) (2) Where the effective capital is Limit of yearly remuneration payable shall not exceed (Rupee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e formulated for allotment of shares to such employees including Employees Stock Option Plan or by way of qualification shall be deemed to be a person not having any interest in the capital of the company, Provided further that the limits specified under items (A) and (B) of this section shall apply, if- (i) payment of remuneration is approved by a resolution passed by the Board and, in the case of a company covered under sub-section (l) of section 178 also by the Nomination and Remuneration Committee; (ii) the company has nol committed any default in repayment Of any of its debts (including public deposits) or debentures or interest payable thereon for a continuous period of thirty days in the preceding financial year before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the position and person (in case of expatriates the relevant details would be with respect to the Country of his origin) (7) Pecuniary relationship directly or indirectly with the company, or relationship with the managerial personnel, if any. III. Other information: (1) Reasons of loss or inadequate profits (2) Steps taken or proposed to be taken for improvement (3) Expected increase in productivity and profits in measurable terms IV. Disclosures The following disclosures shall be mentioned in the Board of Director's report under the heading Corporate Governance , if any, attached to the financial statement: (i) all elements of remuneration package such as salary, benefits, bonuses, stock options, pensi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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