Remuneration cap for special economic zone companies permits higher pay where no public fundraising and no repayment defaults. An amendment to Schedule XIII adds a clause authorising a higher remuneration cap for companies in Special Economic Zones, subject to two conditions: the company must not have raised funds by public issue of shares or debentures in India, and must not have defaulted in repayment of debts (including public deposits) or interest for a continuous period of thirty days in any financial year; the amendment is effective on its publication in the Official Gazette.
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Provisions expressly mentioned in the judgment/order text.
Remuneration cap for special economic zone companies permits higher pay where no public fundraising and no repayment defaults.
An amendment to Schedule XIII adds a clause authorising a higher remuneration cap for companies in Special Economic Zones, subject to two conditions: the company must not have raised funds by public issue of shares or debentures in India, and must not have defaulted in repayment of debts (including public deposits) or interest for a continuous period of thirty days in any financial year; the amendment is effective on its publication in the Official Gazette.
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