The Ministry of Corporate Affairs has created certain restrictions on the remuneration payable to independent directors under Schedule V of the Companies Act, 2013. Read the official notification below:
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (ii)]
Government of India
MINISTRY OF CORPORATE AFFAIRS
Notification
New Delhi, 18th March, 2021.
S.O. (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 (i) after the words "managerial person", wherever occurred, the words "or other director" shall be inserted;
To view / download the complete official notification, find the enclosed file
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