Substitution of para 1 of section II of Part II of Schedule XIII to the Companies Act, 1956 - GSR 215(E), - Companies Law

NOTIFICATION NO. GSR 215(E), DATED 2-3-2000, ISSUED BY THE DEPARTMENT OF COMPANY AFFAIRS Subject:- Substitution of para 1 of section II of Part II of Schedule XIII to the Companies Act, 1956 GSR 215(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 XIII to the said Act, namely : In the said Schedule for para 1 of section II of Part II relating to remuneration and the entries related thereto, the following entries shall be substituted, namely : 1. Notwithstanding anything contained in this part, where in any financial year during the currency of tenure of the managerial person a company has no profits or its profits are inadequate, it may pay remuneration to a managerial person by way of salary, dearness allowance, perquisites and any other allowances, not exceeding ceiling limit of Rs. 24,00,000 per annum or Rs. 2,00,000 per month calculated on the following scale : Where the effective capital of Company is Monthly remuneration payable shall not exceed ( i ) Less than Rupees 1 crore Rupees 75,000 ( ii ) Rupees 1 crore or more but less than Rupees 5 crores Rupees 1,00,000 ( iii ) Rupees 5 crores or more but less than Rupees 25 crores Rupees 1,25,000 ( iv ) Rupees 25 crores or more but less than Rupees 100 crores Rupees 1,50,000 ( v ) Rupees 100 crores or more Rupees 2,00,000".