Appointment and Remuneration of Managerial Personnel Amendment Rules 2016. No Return MR-1 for CFO CS CEO. Exemption to Listed Companies & Board Disclosures

Government of India
Ministry of Corporate Affairs

NOTIFICATION

New Delhi,  30th June, 2016

G.S.R. .-In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Remuneration of Managerial Personnel)  Rules, 2014, namely:-

1 (1) These rules may  be  called  the Companies (Appointment  and  Remuneration  of Managerial Personnel) Amendment Rules, 2016.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, (hereinafter referred to as the principal rules),-

(i) in rule 3, the expression “Chief Executive Officer (CEO), Company Secretary and Chief Financial Officer (CFO)” shall be omitted.

3. in rule 5 of the principal rules,-

(a) in sub-rule (1), “clauses (v), (vi), (vii) and (ix) to (xi)” shall be
(b) in sub-rule (2),-

(a) for the words ” the name of every employee of the company, who-“, the words ” the names of the top ten employees in terms of remuneration drawn and the name of every employee, who-” shall be substituted;

(b) in sub-clause (i) for the words “sixty lakh rupees”, the words “one crore and two lakh rupees” shall be substituted;

(c) in sub-clause (ii)  for the words “five l akh rupees per month “, the words ” eight lakh and fifty thousand rupees per month ” shall be substituted;

4. For Form MR-1 of the principal rules, the following form shall be substituted, namely .-

Form No. MR-1

[F. No. 1/5/2013-CL-V]
AMARDEEP SING  BHATIA, Jt. Secy