MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 18th March, 2021
S.O. 1256(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 Schedule V of the said Act, namely:—
2. In Schedule V of the Companies Act, 2013, in PART II, under the heading ―REMUNERATION.-
(a) in Section I, in the first para, after the words ―managerial person or persons, the words ―or other director or directors shall be inserted;
(b) in Section II,--
(i) after the words ―managerial person, wherever occurred, the words ―or other director shall be inserted;
(ii) for Table (A):, the following shall be substituted, namely.-
| Sl.No. |
Where the effective capital (in rupees) is |
Limit of yearly remuneration payable shall not exceed (in Rupess) in case of a managerial person |
Limit of yearly remuneration payable shall not exceed (in rupees) in case of other director |
| (i) |
Negative or less than 5 crores |
60 lakhs |
12 Lakhs |
| (ii) |
5 crores and above but less than 100 crores. |
84 lakhs |
17 Lakhs |
| (iii) |
100 crores and above but less than 250 crores |
120 lakhs |
24 Lakhs |
| (iv) |
250 crores and above. |
120 lakhs plus 0.01% of the effective capital in excess of Rs.250 crores: |
24 Lakhs plus 0.01% of the effective capital in excess of Rs.250 crores:‖ |
(c) in Section III, –
(i) after the words ―managerial person, wherever occurred, except in clause (i) of the proviso, the words ―or other director shall be inserted;
(ii) after the words ―managerial persons, wherever occurred, the words ―or other directors shall be inserted;
(iii) following explanation shall be inserted at the end, namely:- “Explanation.– For the purposes of Section I, Section II and Section III, the term ―or other director shall mean a non-executive director or an independent director.
[F. No. 1/5/2013-CL-V]
