I have a query, can anynone please brief me what disclusore is actually required under section 217(2A) of companie Act, and also what all is taken into consideration while calculation remuneration under this section????
26 August 2010
The following particulars are to be disclosed. 1. name. 2. designation. 3. remuneration received. 4. other terms and conditions. 5. nature of duties. 6. qualification and experience 7. date of commencement of employment. 8. age. 9. last employment held before joining the company. 10. the % of equity held by the employee with in the meaning od 217(2A)(a)(iii) of the companies Act,1956.
Remuneration received will include all expenses incurred by the company in providing any benefit or amenity to the employee and the word remuneration has the meaning assigned to it in section 198 of the companies act,1956.
26 August 2010
You have to disclose the details of employees in 2 cases:
1. If employee is employed for full year and getting remuneration of 24 lacs & above for a year 2. if employeed for part of year and getting remuneration of 2 lacs and above for the any month
Also if any individual is getting remuneration in excees of remuneration drawn by MD, WTD or Manager and holds more than 2% of equity shares of the company along with his relatives.
the Details to be disclosed will be as per the Companies(Particulars of employees) Rules, 1975.
Remuneration will include what ever payment made to employee
However no need to disclose the particulars of employee in directors' report u/s 217(2A). Kindly refer section 219(1)(b)(iv). Any shareholder interested in obtaining such particulars may write to the company at its registered address.
But this is optional way. You may disclose the details.
31 August 2010
thnks Ankur but wat i wanna knw is wat heads shuld i take into considerationwhile calculating the remuneration??? as in wil retirement benefits form part of it.. n perquisites??? m actually confused wid this!!
01 September 2010
Remuneration received occurring in the aforesaid rules will include all expenses incurred by the company in providing any benefit or amenity to the employee. Ref :- Circular 23/76/8/27/217/75 CL-V dated 06/8/1976. In view of the above, retirement benefit and perquisites will form part of remuneration for the purpose of 217(2A) disclosure.
02 September 2010
All the following heads are complusory t ogive or can we also limit our information to some extent by not giving Qualification or last employemnt held????
SN Name Age Designation Remuneration(In Rs.) Qualification and Experience(In Years) Date of Commencement of employment Last employment held
03 September 2010
Section 217(2A):- The expression 'remuneration' will include all expenses incurred by the company in providing any benefit or amenity to the employee and it will also include perquisites and other benefits valued on the basis of the provisions of the Income-Tax Act,1961, and the Rules made thereunder. The Company should therefore indicate the salary and perquisites drawn by all employees in terms of the actual expenditure incurred by the Company. (Department's Circular No. 23/76(8)/27(217)/75-CL.V,Dated 6th August,1976)
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