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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Schedule V rules for hiring and paying managers updated; wider disqualification checks and easier higher pay approvals.</h1> Schedule V of the Companies Act, 2013 is amended to update eligibility and remuneration conditions for managerial appointments. In Part I (Appointments), the list of laws relevant to assessing disqualifications/compliance is expanded to include the Insolvency and Bankruptcy Code, 2016, the Goods and Services Tax Act, 2017 and the Fugitive Economic Offenders Act, 2018, and paragraph (d) is omitted, altering the applicable appointment criteria. In Part II (Remuneration), references to payment 'without Central Government approval' are removed in Sections II and III; the Section II proviso is revised to permit remuneration in excess of specified limits; Section II item (B) aligns permissible remuneration with item (A) and tightens creditor-default conditions by requiring prior secured creditor approval before seeking shareholder approval. Section III is broadened to allow any remuneration to managerial persons and deletes clause (d); Section IV Explanation VI omits clause (A).
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