Saturday, 3 September 2011

Amendment in Sec 217(2A) of Companies Act.



Section 217 (2A) Amendment , with effect from 01/04/2011 Vide ClR-03.05.2011.,
With regard to recent amendment in disclosure of employees who are drawing Rs. 60 lakhs and above under Section 217(2A), Yesterday MCA clarified that this amendment shall be applicable to the directors report which is approved by the Board on or after 1st April 2011.

Statute

The Companies (Particulars of Employees) Amendment Rules 2011”.
Effective Date

01-04-2011
Subject Matter

Disclosure of employee’s in the Directors report.

Amendment

These rules shall apply to such employees whose remuneration is
including Government Companies

                    1.         If the employee, employed throughout the financial year was in aggregate remuneration of not less than60 lacs [Earlier it was24 lacs) 

                    2.         If the employee, employed for a part of the financial year was in aggregate remuneration of5 lacs [Earlier 2 lacs.]       


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