{"id":806,"date":"2021-03-19T11:47:11","date_gmt":"2021-03-19T11:47:11","guid":{"rendered":"https:\/\/rvkassociates.com\/blog\/?p=806"},"modified":"2021-03-19T11:52:31","modified_gmt":"2021-03-19T11:52:31","slug":"mca-issued-a-notification-on-schedule-v-of-the-companies-act-2013-in-part-ii-remuneration-payable-by-companies-amendment-dated-18-3-2021","status":"publish","type":"post","link":"https:\/\/rvks.in\/blogs\/mca-issued-a-notification-on-schedule-v-of-the-companies-act-2013-in-part-ii-remuneration-payable-by-companies-amendment-dated-18-3-2021\/","title":{"rendered":"MCA issued a notification on Schedule V of the Companies Act, 2013, in PART II (Remuneration payable by companies) amendment dated 18.3.2021."},"content":{"rendered":"\n

New Delhi, 18 March, 2021<\/strong><\/p>\n\n\n\n

In exercise of the powers conferred by sub-sections <\/strong>(1) and (2) of section 467 of the Companies <\/strong>Act, 2013 (18 of 2013), the Central Government hereby makes the following amendments to <\/strong>Schedule V of the said Act, namely:<\/p>\n\n\n\n

2. In Schedule V of the Companies Act, 2013, in PART II, under the heading “REMUNERATION\u201d,<\/p>\n\n\n\n

(a) in Section I, in the first para, after the words “managerial person or person<\/strong>s”, the words or oth<\/strong>er director or directors” shall be inserted;<\/p>\n\n\n\n

(b) in Section II,
(i) after the words \u201cmanagerial person\u201d, wherever occurred, the words “or other<\/strong> director” <\/strong>shall be inserted;\u00a0<\/strong><\/p>\n\n\n\n

(ii) for Table (A):, the following shall be substituted, namely.<\/p>\n\n\n\n

SL.NO <\/th>Where the effective capital (in rupees) is<\/th>Limit of early remuneration payable shall not exceed (in rupees) in case of a managerial person<\/th>Limit of early remuneration payable shall not exceed (in rupees) in case of other director <\/th><\/tr><\/thead>
i<\/td>Negative or less than 5 crores <\/td>60 lakhs<\/td>12 lakhs<\/td><\/tr>
ii<\/td>5 crores and above but less than 100 crores<\/td>84 lakhs <\/td>17 lakhs<\/td><\/tr>
iii<\/td>100 crores and above but less than 250 crores<\/td>120 lakhs <\/td>24 lakhs<\/td><\/tr>
iv<\/td>250 crores and above<\/td>120 lakhs plus 0.01% of the effective capital in excess of Rs 250 crores<\/td>24 lakhs plus 0.01% of the effective capital in excess of Rs 250 crores<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

(c) in Section III,<\/p>\n\n\n\n

(i)<\/strong> after the words “managerial person\u201d, wherever occurred, except in clause (i) of the proviso, the words \u201cor other director shall be inserted;<\/p>\n\n\n\n

(ii)<\/strong> after the words \u201cmanagerial persons”, wherever occurred, the words “or other directors” shall be inserted;<\/p>\n\n\n\n

(iii)<\/strong> following explanation shall be inserted at the end, namely:<\/p>\n\n\n\n

“Explanation.<\/em>– For the purposes of Section 1, Section II and Section III, the term “or other director” shall mean a non-executive director or an independent director.”<\/p>\n\n\n\n

(K.V.R.Murty)<\/p>\n\n\n\n

Joint Secretary<\/p>\n\n\n\n

Note<\/strong> : The Schedule V of the Companies Act, 2013 came into force with effect from the <\/strong>1st April 2014 and was last amended vide <\/em>notification number S.O. 4822 (E) dated <\/strong>12.09.2018 published in the Gazette of India.<\/p>\n\n\n\n

For full detail click below <\/strong>:<\/p>\n\n\n\n

https:\/\/www.dropbox.com\/s\/twit8nc5b9k0in2\/AmendmentNotification_18032021%2Cmca.pdf?dl=0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New Delhi, 18 March, 2021 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, […]<\/p>\n","protected":false},"author":1,"featured_media":232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62,11],"tags":[61],"class_list":["post-806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mca-notifications","category-notifications","tag-mca-gov"],"_links":{"self":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/comments?post=806"}],"version-history":[{"count":3,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/806\/revisions"}],"predecessor-version":[{"id":810,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/806\/revisions\/810"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/media\/232"}],"wp:attachment":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/media?parent=806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/categories?post=806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/tags?post=806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}