NO.2/29/98-CL.V

Government of India

M/o Law, Justice and Company Affairs

Department of Company Affairs

Dr. Rajendra Prasad Road,

Shastri Bhavan, 5th Floor, New Delhi-110001

Dated: 9th November, 2000

PRESS NOTE No.12/2000

Sub: "Reports of Board of Directors of Companies - Statement showing details of

employees drawing remuneration beyond the prescribed limits"

 

In terms of Section 217(2A) of the Companies Act, 1956 every Report of the Board of Directors which is to be attached to the Balance Sheet of Companies should contain a statement showing details of employees who had been paid remuneration beyond the prescribed limit. These limits have been prescribed under separate rules, namely, the Companies (Particulars of Employees) Rules, 1975.

2. These limits have now been revised by a Notification issued by the Central Government on 25.10.2000 vide Notification GSR-839(E).

3. The earlier limits had been fixed in 1999. The old limits and the new limits are given below:

SN

In employment

Remuneration drawn

Old Limits

(fixed in March, 1999)

New Limits

(fixed in October, 2000)

1.

For part of the year

Rs.50,000/- per month

Rs.1,00,000/- per month

2.

For the whole year

 

Rs.6 lakhs per annum

 

Rs.12 lakhs per annum

 

 

 

4. The aforesaid revision will apply in respect of Directors' Reports annexed to those Balance Sheets the financial year in respect of which has closed on or after 25.10.2000.

.

 

A. Ramaswamy

Joint Secretary to the Govt. of India

Endt.No. 2/29/98-CL.V dated

Copy alongwith the copy of Notification No: GSR 839(E) dated 25.10.2000 forwarded to Shri M.Y. Siddiqui, PIO, Press information Bureau, Shastri Bhavan, New Delhi with the request that the Press Note may kindly be given wide publicity.

 

 

A. Ramaswamy

Joint Secretary to the Govt. of India

Ph: 338 1226

Endt No. 2/29/98-CL-V dated

Copy alongwith the copy of Notification No: GSR 839(E) dated 25.10.2000, forwarded to:

  1. PS to Minister (LJ&CA)

  2. Sr. PPS to Secretary (DCA)

  3. PA to JS(A)/PS to JS(B)

  4. All other officers and Sections in the Deptt.

  5. The Secretary, Company Law Board

  6. The Secretary, MRTP Commission

  7. DGIR

  8. NIC, DCA with the request that this Press Note and Notification may please be placed at the DCA's Webpage

  9. The Editor, 'Company News & Notes', R&S Divison.

  10. Library.

  11. Secretary, ICAI/ICWAI/ICSI

  12. Deptt. of Economic Affairs (Banking Division), "Jeevan Deep" Parliament Street, New Delhi.

  13. Deptt. of Economic Affairs, North Block, New Delhi (Shri Shashank Saksena, Joint Director, Investment Division).

  14. Department of Industrial Policy & Promotion (IP Section), Udyog Bhawan, New Delhi.

  15. SEBI, Mittal Court, B Wing, 224 Nariman Point, Mumbai-400 021.

     

  16. RBI, Central Office, Mumbai.

  17. Director (Commercial), Office of C&AG of India, 10 Bahadur Shah Zafar Marg, New Delhi.

  18. Standing Conference of Public Enterprises, SCOPE Complex, 7 Lodi Road, New Delhi-110 003.

  19. Director, Indian Investment Centre, D/o Economic Affairs, Jeevan Vihar, Sansad Marg, New Delhi-1.

  20. All Chambers of Commerce & Industry (As per Standard Despatch List)

  21. Editors, Journals of ICAI, ICWAI, ICSI.

  22. Editor, 'Upabhokta Jagaran' D/o Consumer Affairs and Consumer Distribution System, Krishi Bhavan, New Delhi-110 001.

  23. Editor, Corporate Courier, C-163, Shastri Nagar, Jodhpur-342003

  24. Editor, Bombay Chartered Accountants Society, Church Gate Mansion, `A' Road, Church Gate, Bombay- 400 020.

25. Institute of Corporate Directors of India, 38, 1st Floor, Jaora Compound, Jethwa

Chambers, Indore-452001. (MP)

  1. Guard File.

  2. Spare Copies - 10

28. Facilitation Counter – 20 copies.

 

 

 

(R.N. Vaswani)

Under Secretary to the Govt. of India

Ph: 3389622