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March 2011

Amendments to Schedule XIII

By Sejal Vasa | Company Secretary
Reading Time 1 mins
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New Page 2

Part D : company
law

 

77 Amendments to Schedule XIII.

MCA vide Circular dated 8th February 2011, have
made the following amendments in Schedule XIII to Companies Act, 1956 :

In the Schedule XIII, in Part II, in S. 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 S. 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 at least 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’;

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