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Conditions for appointment of managing/whole-time Director, etc. - Provisions of Schedule XIII inserted by the Companies (Amendment) Act, 1988 explained

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....III inserted by the Companies (Amendment) Act, 1988 explained As per Schedule XIII, the overall limit of perquisites and gratuity have been prescribed as under:- "Perquisites - Perquisites may be allowed in addition to salary and/or commission or both. In the case of persons posted at Bombay, Calcutta, Delhi and Madras, perquisites shall be restricted to an amount equal to the annual salary ....

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