Companies to adhere to relevant provisions of Companies Act in matter of payment of managerial remuneration in excess of ceiling prescribed in Schedule XIII to Companies Act

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....ompanies to adhere to relevant provisions of Companies Act in matter of payment of managerial remuneration in excess of ceiling prescribed in Schedule XIII to Companies Act 1. It has come to the notice of the Government that some companies are making payment of remuneration to their managerial personnel which is in excess of the ceilings prescribed in Schedule XIII to the Companies Act, 1956, o....

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....If for any justifiable reasons it is proposed to pay remuneration in excess of Schedule XIII, the matter should be timely resolved in the Board meeting. The Board resolution should clearly justify the increase giving sustainable adequate reasons for payment of remuneration in excess of the amount indicated in Schedule III. The applications for Government approval should also be submitted well i....