Remuneration to managerial person under Schedule XIII of the Companies Act, 1956 - Clarification with regard to payment for period. Remuneration to managerial person under Schedule XIII of the Companies Act, 1956 - Clarification with regard to payment for period. Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

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Remuneration to managerial person under Schedule XIII of the Companies Act, 1956 - Clarification with regard to payment for period.

April, 28th 2015
ceneral Circular No, O7l2O15 F. No. 1/5/2013-CL-V Government of lndia Ministry of Corporate Affairs sth Floor, A Wing, Shastri Bhavan, Dr R.P. Road, New Delhi Dated: lOt! April, 2015 To All Regional Directors, AII Registrars of Companie s, AII Stakeholders. Subject Remureration to managerlal person uader Schedule )gII ofthe Companies Act, 1956 - Clarifrcatlon wlth regard to palrment for perlod, Sir, Staleholders have drawn attention to the Drovisions of Schedule Xtll (sixth proviso to Para (C) of Section ll of Part ll) of the Companies Act, 1956 (Earlier Act) and as clarihed vide Circular nwber 14l11/2O12-CL-VII dated 16th August,2012, which allowed listed companies and their subsidiaries to pay remuneration, without approval of Central Government, in excess of limits specified in para II Para (C) of such Schedule if the managerial person met the conditions specified therein. Stakeholders have expressed that since similar provisions are not available in the Schedule V of the Companies Act, 2013, there is a need for a clarification that a managerial person appointed in accordance with such provision of Schedule XIII of Earlier Act may receive relevant remuneration for the period as approved by the company in accordance with such provisions of Earlier Act. 2. The matter has been examined in the light of earlier clarifications on transitional matters issued by the Ministry. It is clarified that a managerial person referred to in para 1 above may continue to receive remuneration for his remaining term in accordance with terms and conditions approved by company as per relevant provisions of Schedule XIII of earlier Act even if the part ofhis/her tenure falls after 1st April, 2014. 3. This issues with the aDproval of the comDetent authoritv. Yours faithfully kV-foruru- (K. M. S.'l',laraj,anan) Assistant Director (Policy) 23347263 Copy to:- l. e-Governance Section and web contents Officer to place this circular on the Ministry website 2. Guard File.