Managerial remuneration - Payment of - Supreme Court decision

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....on in Union of India v. Mahindra & Mahindra Ltd. - [Civil Appeal No. 2272 of 1980] I am directed to enclose herewith a copy of Press Note issued by the Central Government on 19-8-1994. The contents of the Press Note [No. 6/94, dated 19-8-1994 [See Annex] are self explanatory. ANNEX PRESS NOTE 6/94 [NO.1/4/92-CL.V], DATED 19-8-1994, ISSUED BY THE DEPARTMENT OF COMPANY AFFAIRS, GOVERNMENT O....

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....nt would approve remuneration of managerial personnel only in such companies which gave express consent to be governed by the provisions of the impugned guidelines. Thereafter, applications submitted by companies were decided by the Central Government after obtaining from them written consent. Where applicant companies did not give such written consent, their applications were kept in abeyance pen....

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....idelines is deemed to have been approved in all cases in which the quantum of remuneration paid or payable does not exceed limits specified in 1969 guidelines, i.e., salary of Rs. 7,500 per month and other perquisite and benefits specified in the guidelines. Also, in terms of the said orders of the Supreme Court, any payments made and received and any payments to be made and received pursuant to t....