Commission to non-whole time directors allowed without central approval when within statutory net profit limits and sitting fee retained.
Companies need not seek Central Government approval to pay commission to Non-Whole Time Directors where the aggregate commission does not exceed one percent of net profit if the company has a Whole Time Director or Managing Director, or three percent of net profit where it has no Managing Director or Whole Time Director; such commission may be paid in addition to the sitting fee.

Applicability of Section 212(8) directions: circular effective for financial statements for years ending on or after the specified year end.
Clarification that Ministry Circular No. 2/2011 regarding directions under Section 212(8) of the Companies Act, 1956, applies to balance sheets and profit and loss accounts prepared for financial years ending on or after 31st March, 2011.

Exemption from attaching subsidiary accounts where audited consolidated financial statements and prescribed subsidiary disclosures are provided.
A general exemption under Section 212(8) exempts holding companies from attaching subsidiary balance sheets where the board resolves consent, audited consolidated financial statements are presented in compliance with Accounting Standards and listing requirements, and specified aggregated disclosures for each subsidiary are included. The holding company must make subsidiary annual accounts available to shareholders on request, allow inspection at head offices, provide hard copies on demand, comply with regulatory filings, and disclose Indian rupee equivalents of foreign currency subsidiary figures using the year-end exchange rate.

Easy Exit Scheme extension: deadline extended, terms unchanged, scheme continued through end of April 2011.
The Easy Exit Scheme is extended for a further three months to 30 April 2011, with all terms of the earlier circular remaining the same; the extension continues the modalities, eligibility and compliance requirements originally prescribed and instructs corporate administrative and registration authorities to implement the scheme under Companies law procedures.