Amendment in Schedule XIII of the Companies Act 1956.

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....ection 641 of the Companies Act, 1956, the Central Government hereby makes the following further amendments in Schedule XIII of the Companies Act, 1956:- 1. In GSR 396(E), dated 23rd May, 2011 in Para 1(i) the words "fourth proviso" may be read as "third proviso". 2. In Schedule XIII, in part II, in section II. in sub-para (C), the fourth proviso shall be substituted by the proviso as under:- ....

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....oval for the payment of remuneration to its managerial personnel, if the remuneration is fixed by Board of Industrial and Financial Reconstruction." 3. In Schedule XIII, in part II, in section II - in sub-para (C), after fourth proviso, the following proviso shall be inserted, namely:- "Provided that no approval of Central Government is required if the managerial person is not having any intere....