Amendments in Schedule XIII to the Companies Act 1956. - G.S.R. 70(E) - Companies Law

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 8 th February, 2011 G.S.R. 70(E). ln exercise of the powers conferred by sub-section (1) of Section 641 of the Companies Act, 1956 (1 of 1956) , the Central Government hereby makes the following further amendments in Schedule XIII to the Companies Act, I 956 , namely 1. In the Schedule XIII . in Part II, in Section II- (1) in sub-para (C), in third proviso, after the word, scale occurring at the end, the following words shall he inserted namely :- if the company is a listed company or a subsidiary of a listed company ; (ii) for Explanation IV, to the Section II, the following Explanation shall he substituted, namely For the purposes of this section, Remuneration Committee means; (1) In respect of a listed company, a committee which consists of at least three non-executive independent directors including nominee director or nominee directors, if any; and (it) in respect of any other company, a Remuneration Committee of Directors ; 2. it shall come into force from the date of its publication in the Official Gazette. [F. No. 14/3/2011-CL-VII] Dr. T.V. SOMANATHAN, Jt. Secy. Note : -- The Principal Schedule was inserted by the Companies (Amendment) Act, 1988 vide No. G.S.R. 559(E), dated 10-6-1998 and subsequently amended vide- (i) G.S.R. 784(E), dated 13-7-1988 (ii) G.S.R. 723(E), dated 18-9-1990 (iii) G.S.R. 510 (E), dated 14-7-1993 (iv) G.S.R. 48(E), dated 1-2-1994 (v) G.S.R. 418(E), dated 12-9-1996 (vi) G.S.R.215(E), dated 2-3-2000 (vii) G.S.R. 36(E), dated 16-1-2002.