Remuneration approval changes: limits and prior creditor consent altered, and appointment criteria expanded under corporate law framework. Amendments to Schedule V expand appointment considerations and remove phrases requiring Central Government approval for managerial remuneration, replacing prior limit-doubling provisions with language permitting payment of remuneration in excess of limits subject to substituted conditions; they require prior consent from banks, financial institutions, non-convertible debenture holders or other secured creditors where the company has defaulted before shareholder approval, delete certain caps on managerial remuneration, and omit a specified explanatory clause in Section IV.
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Provisions expressly mentioned in the judgment/order text.
Remuneration approval changes: limits and prior creditor consent altered, and appointment criteria expanded under corporate law framework.
Amendments to Schedule V expand appointment considerations and remove phrases requiring Central Government approval for managerial remuneration, replacing prior limit-doubling provisions with language permitting payment of remuneration in excess of limits subject to substituted conditions; they require prior consent from banks, financial institutions, non-convertible debenture holders or other secured creditors where the company has defaulted before shareholder approval, delete certain caps on managerial remuneration, and omit a specified explanatory clause in Section IV.
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