Schedule xiii
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2012
Dear Sir/Madam,
My query is...
In Schedule XIII under Companies Act, 1956 Clause C apply in case if the effective capital is negative i.e. less than Zero. then why there is a slab of effective capital in clause c ?????
My query is...
In Schedule XIII under Companies Act, 1956 Clause C apply in case if the effective capital is negative i.e. less than Zero. then why there is a slab of effective capital in clause c ?????
03 April 2012
No, i thing you are confused.... table C is not for negative capital...
it is for more than 48 lacs p.a. salary...
it is for more than 48 lacs p.a. salary...
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2012
Please have a look at last para..
Exceeding the ceiling limit of Rs. 48,00,000 per annum or Rs. 4,00,000 per month calculated on the following scale, if the company is a listed company or a subsidiary of a listed company:—
Where the effective capital
of company is
Monthly remuneration
payable shall not exceed
(i) Less than Rs. 1 crore
Rs. 1,50,000
(ii) Rs. 1 crore or more but
less than Rs. 5 crores
Rs. 2,00,000
(iii) Rs. 5 crores or more but
less than Rs. 25 crores
Rs. 2,50,000
(iv) Rs. 25 crores or more
but less than Rs. 50 crores
Rs. 3,00,000
(v) Rs. 50 crores or more
but less than Rs. 100 crores.
Rs. 3,50,000
(vi) Rs. 100 crores or more
Rs. 4,00,000
Provided that the ceiling limits specified under this sub-paragraph shall apply, if —
payment of remuneration is approved by a resolution passed by the Remuneration Committee
the company has not made any default in repayment of any of its debts (including public deposits) or debentures or interest payable thereon for a continuous period of thirty days in the preceding financial year before the date of appointment of such managerial person
a special resolution has been passed at the general meeting of the company for payment of remuneration for a period not exceeding three years
a statement along with a notice calling the general meeting referred to in clause (iii) is given to the shareholders containing the following information, namely : —
GENERAL INFORMATION
Nature of Industry
Date or expected date of commencement of commercial production
In case of new companies, expected date of commencement of activities as per project approved by the financial institute appearing in the prospectus
Financial performance based on given indicators
Export performance and net foreign exchange collaborations
Foreign investments or collaborators, if any
INFORMATION ABOUT THE APPOINTEE
Background details
Past Remuneration
Recognition or awards
Job profile and his suitability
Remuneration proposed
Comparative remuneration profile with respect to industry, size of the company, profile of the position and person (in case of expatriates the relevant details would be w.r.t. the country of his origin)
Pecuniary relationship directly or indirectly with the company, or relationship with the managerial personnel, if any
OTHER INFORMATION
Reason of loss or inadequate profits
Steps taken or proposed to be taken for improvements
Expected increase in productivity and profits in measurable terms
DISCLOSURES
The shareholders of the company shall be informed of the remuneration package of the managerial person
The following disclosure shall be mentioned in the Board of Director’s report under the heading "Corporate Governance", if any, attached to the annual report
All elements of remuneration package such as salary, benefits, bonuses, stock options, pension, etc. of all the directors
Details of fixed component and performance linked incentives along with the performance criteria
Service contracts, notice period, severance fees
Stock option details, if any, and whether the same has been issued at a discount as well as the period over which accrued and over which exercisable
Provided further that the conditions specified in sub-paragraph (C) shall apply in the case the effective capital of the company is negative
Exceeding the ceiling limit of Rs. 48,00,000 per annum or Rs. 4,00,000 per month calculated on the following scale, if the company is a listed company or a subsidiary of a listed company:—
Where the effective capital
of company is
Monthly remuneration
payable shall not exceed
(i) Less than Rs. 1 crore
Rs. 1,50,000
(ii) Rs. 1 crore or more but
less than Rs. 5 crores
Rs. 2,00,000
(iii) Rs. 5 crores or more but
less than Rs. 25 crores
Rs. 2,50,000
(iv) Rs. 25 crores or more
but less than Rs. 50 crores
Rs. 3,00,000
(v) Rs. 50 crores or more
but less than Rs. 100 crores.
Rs. 3,50,000
(vi) Rs. 100 crores or more
Rs. 4,00,000
Provided that the ceiling limits specified under this sub-paragraph shall apply, if —
payment of remuneration is approved by a resolution passed by the Remuneration Committee
the company has not made any default in repayment of any of its debts (including public deposits) or debentures or interest payable thereon for a continuous period of thirty days in the preceding financial year before the date of appointment of such managerial person
a special resolution has been passed at the general meeting of the company for payment of remuneration for a period not exceeding three years
a statement along with a notice calling the general meeting referred to in clause (iii) is given to the shareholders containing the following information, namely : —
GENERAL INFORMATION
Nature of Industry
Date or expected date of commencement of commercial production
In case of new companies, expected date of commencement of activities as per project approved by the financial institute appearing in the prospectus
Financial performance based on given indicators
Export performance and net foreign exchange collaborations
Foreign investments or collaborators, if any
INFORMATION ABOUT THE APPOINTEE
Background details
Past Remuneration
Recognition or awards
Job profile and his suitability
Remuneration proposed
Comparative remuneration profile with respect to industry, size of the company, profile of the position and person (in case of expatriates the relevant details would be w.r.t. the country of his origin)
Pecuniary relationship directly or indirectly with the company, or relationship with the managerial personnel, if any
OTHER INFORMATION
Reason of loss or inadequate profits
Steps taken or proposed to be taken for improvements
Expected increase in productivity and profits in measurable terms
DISCLOSURES
The shareholders of the company shall be informed of the remuneration package of the managerial person
The following disclosure shall be mentioned in the Board of Director’s report under the heading "Corporate Governance", if any, attached to the annual report
All elements of remuneration package such as salary, benefits, bonuses, stock options, pension, etc. of all the directors
Details of fixed component and performance linked incentives along with the performance criteria
Service contracts, notice period, severance fees
Stock option details, if any, and whether the same has been issued at a discount as well as the period over which accrued and over which exercisable
Provided further that the conditions specified in sub-paragraph (C) shall apply in the case the effective capital of the company is negative
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2012
Please have a look at last para "Provided further that the conditions specified in sub-paragraph (C) shall apply in the case the effective capital of the company is negative"
if this is the condition than why in the beginning slabs have been given? like...Where the effective capital
of company is
Monthly remuneration
payable shall not exceed
(i) Less than Rs. 1 crore
Rs. 1,50,000...???
if this is the condition than why in the beginning slabs have been given? like...Where the effective capital
of company is
Monthly remuneration
payable shall not exceed
(i) Less than Rs. 1 crore
Rs. 1,50,000...???
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