Remuneration Limit For Non-Executive/ Independent Director Notified
Please see below the excerpt from the notification issued by MCA on Remuneration Limit for non-executive/independent director by amending schedule V of the Companies Act, 2013:
|2||Subject||Remuneration Limit for non-executive/independent director notified.|
|4||Applicability||Non- Executive/Independent Director|
MCA notifies maximum Remuneration payable by companies having no profit or inadequate profit to other director or directors (non-executive director or an independent director) by amending Schedule V of the Companies Act, 2013. Earlier the limit was only for managerial person.
Limit of yearly remuneration is specify in the notification, and for the purpose of Section I, II and III of schedule V, after the words “managerial persons”, wherever occurred, the words “or other directors” shall be inserted; which means non- executive or an Independent Director.