CA karan gupta (CA) (28 Points)
18 March 2011Hi all.. pls provide the comparison between old schedule XIII and revised Schedule XIII notified by the MCA. This would be really helpful as we are on the verge of closing the financial year.
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 18 March 2011
The changes are in Part II of the Sch XIII.
These are minor changes, mentioned hereunder:
-COPY OF-
CO.LAW NOTIFICATION
NO. GSR 70(E)
DATED
Section 641 of the Companies Act, 1956 – Schedules, forms and rules – Power to alter schedules – Amendments in Schedule XIII
In exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following further
amendments in Schedule XIII to the Companies Act, 1956, namely:—
1. In the Schedule XIII, in Part II, in Section II—
(i) in sub-para (C), in third proviso, after the word, "scale" occurring at the end, the following words shall be inserted, namely:—
"if the company is a listed company or a subsidiary of a listed company";
(ii) for Explanation IV, to the Section II, the following Explanation shall be substituted, namely:—
"For the purposes of this section, "Remuneration Committee" means:—
(i) In respect of a listed company, a committee which consists of atleast three non-executive independent directors including nominee director or nominee directors, if any; and
(ii) in respect of any other company, a Remuneration Committee of Directors" ;
2. It shall come into force from the date of its publication in the Official Gazette.
CAclubindia
