Amendment in Schedule XIII of the Companies Act,1956. - Remuneration payable by companies having no profits or inadequate profits – No approval required from Central government in certain cases

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..... d from Central government in certain cases NOTIFICATION NO. G.S.R. 396(E), DATED 23-5-2011 In exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 , the Central Government hereby makes the following further amendments in Schedule XIII of the Companies Act, 1956, namely : 1. In Schedule XIII, in Part II, in section 2- ( i ) in sub-paragr .....

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..... company or a subsidiary of a listed company shall not require the Central Government approval for payment of remuneration to its managerial personnel, if the remuneration is fixed by the Board for Industrial and Financial Reconstruction." 2. It shall come into force from the date of its publication in the Official Gazette. - Notification Tax Management India - taxmanagementindia - taxmana .....

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