Remuneration to managerial person under Schedule XIII of the Companies Act, 1956 - Clarification with regard to payment for period.

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.... New Delhi Dated: 10^th April, 2015 To All Regional Directors, All Registrars of Companies, All Stakeholders. Subject:   Remuneration to managerial person under Schedule XIII of the Companies Act, 1956 - Clarification with regard to payment for period. Sir, Stakeholders have drawn attention to the provisions of Schedule XIII (sixth proviso to Para (C) of Section I....

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....cordance with such provisions of Earlier Act. 2.  The matter has been examined in the light of earlier clarifications on transitional matters issued by the Ministry. It is clarified that a managerial person referred to in para  1  above may continue to receive remuneration for his remaining term in accordance with terms and conditions approved by company as per relevant provision....