Application fees for managerial appointments must be submitted in Form MR.2 with prescribed fee and timely approval.

Rule 7 requires that applications under Chapter XIII be made in Form No. MR.2 with the prescribed fee and that applications seeking Central Government approval be filed within ninety days of the appointment. An omitted provision had permitted non listed companies and subsidiaries of listed companies to pay remuneration beyond Schedule V limits in cases of no or inadequate profits, subject to board and, if applicable, committee approval with written justification, no defaults on certain obligations, shareholder special resolution approval for up to three years, required disclosures in the meeting notice, and up to date statutory filings.

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