MCA vide Notification No. G.S.R.___ on 30.06.2016, has amended the Companies (A Appointment & Remuneration of Managerial Personnel) Amendment Rules, 2016 and shall came into effect from the date of its publication in Official Gazette.
Highlights of the notification are:
- Return of Appointment i.e. Form MR-1 not required to be filed for CEO, CS, CFO.
- Various Disclosures as per Rule 5(1) in Directors Report relating to Directors and Employees getting remuneration have reduced.
- Disclosure as per Rule 5 (2) in Directors Report relating to employees whose salary is Rs. 1.2 crore p.a. or 8.5 lac p.m. to be made instead of 60 lac p.a. or 5 lac p.m.
The said notification can be accessed at the following link:MCA Notificaiton dt. 30.06.2016 cos. app & rmntn Amendment Rules