THE GAZETTE OF INDIA
EXTRAORDINAY
PART II - SECTION 3 - SUB - SECTION (1)
MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS
(DEPARTMENT OF COMPANY AFFAIRS)
NOTIFICATION
New Delhi, the 2nd March, 2000
G.S.R. 215 (E) :- In exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendments in Schedule XIII to the said Act, namely :-
In the said Schedule for para 1 of section II of PART II relating to remuneration and the entries related thereto, the following entries shall be substituted, namely: -
"1. Notwithstanding anything contained in this part, where in any financial year during the currency of tenure of the managerial person a company has no profits or its profits are inadequate, it may pay remuneration to a managerial person by way of salary, dearness allowance, perquisites and any other allowances, not exceeding ceiling limit of Rs.24,00,000 per annum or Rs.2,00,000 per month calculated on the following scale: -
|
Where the effective capital of Company is - |
Monthly remuneration payable shall not exceed - | ||
|
(i) |
Less than rupees 1 crore |
rupees 75,000 | |
|
(ii) |
rupees 1 crore or more but less than rupees 5 crores |
rupees 1,00,000 | |
|
(iii) |
rupees 5 crores or more but less than rupees 25 crores |
rupees 1,25,000 | |
|
(iv) |
rupees 25 crores or more but less than rupees 100 crores
|
rupees 1,50,000 | |
|
(v) |
rupees 100 crores or more |
rupees 2,00,000" | |
(File No. 5/4/2000 CL.V)
A. RAMASWAMY
JOINT SECRETARY
The principal schedule was inserted by the Companies (Amendment) Act, 1988 vide GSR No. 559(E) dtd. 10.06.98.
The above schedule was amended vide :-
(i) GSR 784 (E) dated 13.07.1988
(ii) GSR 723 (E) dated 18.09.1990
(iii) GSR 510 (E) dated 14.07.1993
(iv) GSR 48 (E) dated 01.02.1994