Approval of managerial appointments and remuneration requires standardized applications with full disclosures and documentary enclosures. Amendment substitutes Forms 25-A and 26 requiring companies to submit standardized applications to the Central Government for approval of appointment/re-appointment and remuneration or increase thereof for managing/whole-time directors and managers. The forms mandate detailed company and appointee particulars, historical and projected financials, justification for proposals, disclosure of disqualifications, concurrent employments, defaults, statutory notices, and prescribed enclosures, and provide a Part C route for seeking approval for minimum or excess remuneration with separate fees and documentary evidence.
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Approval of managerial appointments and remuneration requires standardized applications with full disclosures and documentary enclosures.
Amendment substitutes Forms 25-A and 26 requiring companies to submit standardized applications to the Central Government for approval of appointment/re-appointment and remuneration or increase thereof for managing/whole-time directors and managers. The forms mandate detailed company and appointee particulars, historical and projected financials, justification for proposals, disclosure of disqualifications, concurrent employments, defaults, statutory notices, and prescribed enclosures, and provide a Part C route for seeking approval for minimum or excess remuneration with separate fees and documentary evidence.
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