https://www.taxtmi.com/notifications?id=23921 Amendment to Schedule XIII establishes three remuneration bands for managerial personnel in years of no or inadequate profits, conditioned on Remuneration Committee approval and absence of debt repayment defaults; higher bands and excess payments additionally require a shareholder special resolution with prescribed disclosures and, where effective capital is negative or ceilings are exceeded, prior Central Government approval. The Remuneration Committee must comprise at least three non executive independent directors and consider financial position, industry trends and appointee credentials; "negative effective capital" is defined as effective capital below zero. The amendment is effective on Gazette publication. en-us Wed, 16 Jan 2002 00:00:00 +0530 Thu, 23 Jun 2011 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=23921 Amendment to Schedule XIII establishes three remuneration bands for managerial personnel in years of no or inadequate profits, conditioned on Remuneration Committee approval and absence of debt repayment defaults; higher bands and excess payments additionally require a shareholder special resolution with prescribed disclosures and, where effective capital is negative or ceilings are exceeded, prior Central Government approval. The Remuneration Committee must comprise at least three non executive independent directors and consider financial position, industry trends and appointee credentials; "negative effective capital" is defined as effective capital below zero. The amendment is effective on Gazette publication. Notifications Companies Law Wed, 16 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/notifications?id=23921