There is a revision in remuneration payable to managerial person/other directors in case of loss. Amendment in schedule V of company act 2013 vide notification no.S.O. 1256(E) dated 18 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 |
1. |
Negative
or less than 5 crores. |
60
lakhs |
12
Lakhs |
2. |
5
crores and above but less than
100 crores. |
84
lakhs |
17
Lakhs |
3. |
100
crores and above but less than
250 crores. |
120
lakhs |
24
Lakhs |
4. |
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.”
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