Substitution of sub-paragraphs (c) and (d) of Part I and insertion of Section III of Part IT of Schedule XIII to Companies Act, 1956 - GSR 418(E), - Companies Law

NOTIFICATION NO. GSR 418(E), DATED 12-9-1996, ISSUED BY THE DEPARTMENT OF COMPANY AFFAIRS, MINISTRY OF FINANCE Subject:- Substitution of sub-paragraphs (c) and (d) of Part I and insertion of Section III of Part IT of Schedule XIII to Companies Act, 1956 GSR 418(E).- In 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 amendments in Schedule XIQ to the said Act, namely: 1. In Part I, for sub-paragraphs ( c ) and ( d ) the following shall be substituted, namely: "( c ) he has completed the age of 25 years and has not attained the age of 70 years: Provided that where ( i ) he has not completed the age of 25 years, but has attained the age of majority; or ( ii ) he has attained the age of 70 years; and where his appointment is approved by a special resolution passed by the company in general meeting, no further approval of the Central Government shall be necessary for such appointment. ( d ) where he is a managerial person in more than one company he draws remuneration from one or more companies subject to the ceiling provided in Section in of Part II;" 2. In Part II, after Section II, the following shall be added, namely: "Section III - Remuneration payable to a managerial person in two companies. Subject to the provisions of Sections I and n, a managerial person shall draw remuneration from one or both companies, provided that the total remuneration drawn from the companies does not exceed the higher maximum limit admissible from any one of the companies of which he is a managerial person."