{"id":245951,"date":"2021-03-22T16:49:15","date_gmt":"2021-03-22T11:19:15","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=245951"},"modified":"2021-07-30T09:26:47","modified_gmt":"2021-07-30T03:56:47","slug":"amendments-to-schedule-v-of-the-companies-act-2013","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/22\/amendments-to-schedule-v-of-the-companies-act-2013\/","title":{"rendered":"Amendments to Schedule V of the Companies Act, 2013"},"content":{"rendered":"<p style=\"text-align: justify;\">The Ministry of Corporate Affairs (MCA) notifies amendments to Schedule V of the Companies Act, 2013 vide Notification dated 18.03.2021<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a>.<\/p>\n<p style=\"text-align: justify;\">The amendments to Schedule V of the Act deals with respect to Director\u2019s remuneration in the following manner:<\/p>\n<ul style=\"text-align: justify;\">\n<li>in Section I, in the first para, after the words \u2015 \u201cmanagerial person or persons\u201d, the words \u2015 \u201cor other director or directors\u201d shall be inserted;<\/li>\n<li>in Section II, &#8211;<\/li>\n<li>after the words \u2015 \u201cmanagerial person\u201d, wherever occurred, the words \u2015 \u201cor other director\u201d shall be inserted;<\/li>\n<li>for Table (A): the following shall be substituted, namely. &#8211;<\/li>\n<\/ul>\n<table>\n<tbody>\n<tr>\n<td width=\"38\"><strong>Sl. No.<\/strong><\/td>\n<td width=\"217\"><strong>Where the effective capital (in rupees) is<\/strong><\/td>\n<td width=\"189\"><strong>Limit of yearly remuneration payable shall not exceed (in Rupees) in case of a managerial person<\/strong><\/td>\n<td width=\"157\"><strong>Limit of yearly remuneration payable shall not exceed (in Rupees) in case of other director<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"38\">(i)<\/td>\n<td width=\"217\">Negative or less than 5 crores.<\/td>\n<td width=\"189\">60 lakhs<\/td>\n<td width=\"157\">12 Lakhs<\/td>\n<\/tr>\n<tr>\n<td width=\"38\">(ii)<\/td>\n<td width=\"217\">5 crores and above but less\u00a0than 100 crores.<\/td>\n<td width=\"189\">84 lakhs<\/td>\n<td width=\"157\">17 Lakhs<\/td>\n<\/tr>\n<tr>\n<td width=\"38\">(iii)<\/td>\n<td width=\"217\">100 crores and above but less\u00a0than 250 crores.<\/td>\n<td width=\"189\">120 lakhs<\/td>\n<td width=\"157\">24 Lakhs<\/td>\n<\/tr>\n<tr>\n<td width=\"38\">(iv)<\/td>\n<td width=\"217\">250 crores and above.<\/td>\n<td width=\"189\">120 lakhs plus 0.01% of the\u00a0effective capital in excess of\u00a0\u20b9 250 crores:<\/td>\n<td width=\"157\">24 Lakhs plus 0.01% of the\u00a0effective capital in excess\u00a0of \u20b9 250 crores:<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul style=\"text-align: justify;\">\n<li>in Section III, \u2013<\/li>\n<li>after the words \u2015 \u201cmanagerial person\u201d, wherever occurred, except in clause (i) of the proviso, the words \u2015 \u201cor other director\u201d shall be inserted;<\/li>\n<li>after the words \u2015 \u201cmanagerial persons\u201d, wherever occurred, the words \u2015 \u201cor other directors\u201d shall be inserted;<\/li>\n<li>following explanation shall be inserted at the end, namely: &#8211;<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u201cExplanation. \u2013 For the purposes of Section I, Section II and Section III, the term \u2015 \u201cor other director\u201d shall mean a non-executive director or an independent director.<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #0000ff;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> http:\/\/www.mca.gov.in\/Ministry\/pdf\/AmendmentNotification_19032021.pdf<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Corporate Affairs (MCA) notifies amendments to Schedule V of the Companies Act, 2013 vide Notification dated 18.03.2021[1]. The amendments <\/p>\n","protected":false},"author":121,"featured_media":154904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-245951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Amendments to Schedule V of the Companies Act, 2013 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/22\/amendments-to-schedule-v-of-the-companies-act-2013\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amendments to Schedule V of the Companies Act, 2013\" \/>\n<meta property=\"og:description\" content=\"The Ministry of Corporate Affairs (MCA) notifies amendments to Schedule V of the Companies Act, 2013 vide Notification dated 18.03.2021[1]. 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In Schedule V\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":7018,"url":"https:\/\/www.scconline.com\/blog\/post\/2014\/07\/05\/the-companies-appointment-and-remuneration-of-managerial-personnel-rules-2014\/","url_meta":{"origin":245951,"position":1},"title":"The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014","author":"Sucheta","date":"July 5, 2014","format":false,"excerpt":"The Central Government in the exercise of the powers conferred by Section 203 (i) of the Companies Act, 2013 (18 of 2013) read with Section 2 (51) and Section 469 of the said Act, amended the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 to introduce Rule 8A stating\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":254424,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/20\/remuneration-to-non-executive-directors\/","url_meta":{"origin":245951,"position":2},"title":"Remuneration to non-executive directors: Analysis of provisions under Companies Act and SEBI Listing Regulations","author":"Bhumika Indulia","date":"September 20, 2021","format":false,"excerpt":"Gaurav N Pingle\u2020 Cite as: (2021) PL (CSP) June 75","rel":"","context":"In &quot;OP. 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