MCA creates restriction to the remuneration payable to Independent directors

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