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MCA Notification dt. 12.09.2016 – Amendment in Schedule V of Companies Act, 2013:

MCA vide Notification No. S.O.____ (E) on Monday, 12th September, 2016 Central Government amended Schedule V of Companies Act, 2013 which shall come into force from the date of publication in official gazette.

By way of said notification, following amendments specified by Central Government, in Part II, Section II of Schedule V:

1) Limits given under (A) where remuneration payable by companies having no profit or inadequate profit without Central Government approval, have been doubled.

2) (B) In case managerial person functioning in professional capacity, no Central Government approval is required, if such person is not having any interest in the capital of the Company, directly or indirectly, at any time during last 2 years before or on or after appointment and possesses graduate level qualification & expertise in the field in which company operates; special resolution has to be passed.

For more details, the said notification can be accessed from the following link.mca-notification_12-09-2016-schedule-v-amndmt

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