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of <h1>Amendment to Companies Act, 1956: Schedule XIII Revised for Director Remuneration; Reduces Unnecessary Government Approvals.</h1> The Central Government has amended Schedule XIII of the Companies Act, 1956, effective from February 1, 1994, to clarify the conditions for appointing managing or whole-time directors. The amendment aims to reduce unnecessary applications to the Central Government by allowing companies to determine remuneration for managerial personnel based on their net profits. Remuneration within specified limits does not require government approval. In cases of inadequate profits, companies can adjust remuneration according to the revised schedule without prior approval. Specific conditions imposed by the government during previous approvals must still be adhered to unless altered by the government.
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