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Notification for amendment to Schedule V of Companies Act, 2013

Companies Law - F. No. 1/5/2013 CL-V - Dated:- 12-9-2016 - Government of India MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 12th September, 2016. S.O. ...(E). -In exercise of the powers conferred by sub-sections (1) and (2) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following amendments to amend Schedule V of the said Act, namely: - 2. In Schedule V of the Companies Act, 2013, (a) in Part l, in Appointments,- (i) in para (a), for sub- .....

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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 (Rupees) (i) Negative or less than 5 crores 60 lakhs (ii) 5 crores and above but less than 100 crores 84 lakhs (iii) 100 crores and above but less than 250 crores 120 lakhs (iv) 250 crores and above 120 lakhs plus 0.01% of the effective capital in excess of & .....

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ries directly or indirectly or through any other statutory structures and not having any direct or indirect interest or related to the directors or promoters of the company or its holding company or any of its subsidiaries at any time during the last two years before or on or after the date of appointment and possesses graduate level qualification with expertise and specialised knowledge in the field in which the company operates: Provided that any employee. of a company holding shares of the co .....

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ection (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 the date of appointment of such managerial person and in case of a default, the company obtains prior approval from secured creditors for the proposed remuneration and the fact of Such prior appr .....

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eferred to in clause (iii) is given to the shareholders containing the following information, namely: l. General information: (1) Nature Of industry (2) Date or expected date of commencement of commercial production (3) In case of new companies, expected date of commencement of activities as per project approved by financial institutions appearing in the prospectus (4) Financial performance based on given indicators (5) Foreign investments or collaborations, if any. ll. Information about the app .....

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