The central government has amended schedule V of the Companies Act, 2013, exercising its powers under section 467(1) and (2) of the act.
The salient changes are as follows:
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- Section II of part II relating to remuneration payable by companies with no profit or inadequate profits without central government approval has been substituted.
- The limit for yearly remuneration payable by companies with no profit or inadequate profits has been enhanced.
- No government approval is required if the managerial persons did not have any interest in the capital of the company, its holding company or any of its subsidiary companies during the last two years before, on or after the date of appointment and they possess graduate-level qualification and specialized knowledge in the field in which the company operates.
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