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of <h1>India Amends Companies Act: Managerial Pay Without Approval Now Easier for Low-Profit Firms Under Schedule V.</h1> The Government of India, through the Ministry of Corporate Affairs, has amended Schedule V of the Companies Act, 2013. The amendments pertain to managerial appointments and remuneration for companies with no profit or inadequate profit. Companies can now pay managerial personnel without Central Government approval, within specified limits based on effective capital. The limits can be doubled with a special resolution. For professionals without capital interest in the company, no approval is needed if they meet certain qualifications. Conditions include board and shareholder approval, no debt defaults, and detailed disclosures in the Board's report. The notification is effective upon publication in the official gazette.
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