April 22, 2011
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The Ministry of Corporate Affairs vide Notification dated 6th April 2011 have amended the Director's Relatives (Office or Place of Profit) Rules, 2003 and the amended rules are called ‘Director's Relatives (Office or Place of Profit) Amendment Rules, 2011’. According to the said amendment there is a revision in the remuneration limits for seeking central government approval for appointment of relatives etc. of directors. The revision is from Rs. 50,000 per month to Rs. 2,50,000 per month and the selection and appointment of a relative of a director holding office or place of profit in the company shall be approved by adopting the same procedure applicable to non-relatives. In the case of listed public companies, the selection of director for holding place of office or profit in the company shall also have to be approved by a Selection Committee.