Notifications
- O. 1936(E) – Transfer of matters or proceedings or cases pending before the Company Law Board to National Company Law Tribunal 01-06-2016
—In exercise of the powers conferred by section 434 (1) (a) of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 01st day of June, 2016, on which all matters or proceedings or cases pending before the Board of Company Law Administration (Company Law Board) shall stand transferred to the National Company Law Tribunal and it shall dispose of such matters or proceedings or cases in accordance with the provisions of the Companies Act, 2013 or the Companies Act, 1956.
- O. 1932(E) and 1933( E)– Notification constituting the National Company Law Tribunal and National Company Law Appellate Tribunal under Sections 408 and 410 respectively of the Companies Act, 2013
National Company Law Tribunal
S.O. 1932(E).—In exercise of the powers conferred by section 408 of the Companies Act, 2013 (18 of 2013), the Central Government hereby constitutes the National Company Law Tribunal to exercise and discharge the powers and functions as are, or may be, conferred on it by or under the said Act with effect from the 1st day of June, 2016.National Company Law Appellate Tribunal
S.O. 1933(E).—In exercise of the powers conferred by section 410 of the Companies Act, 2013 (18 of 2013), the Central Government hereby constitutes the National Company Law Appellate Tribunal for hearing appeals against the orders of the National Company Law Tribunal with effect from the 1st day of June, 2016. - Notification- Date 29-June-2016.
In exercise of the powers conferred by sections 73 and 76 read with sub- section (1) of section 469 of the Companies Act, 2013 (18 of 20-13), the Central Government has made the Companies (Acceptance of Deposits) Amendment Rules, 2016 to amend the Companies (Acceptance of Deposits) Rules, 2014.
For detailed analysis of the said amendment rules please refer to the “Insight” section of our newsletter.
- Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016
ln 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 has made the above captioned rules further to amend the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
- in rule 3, the expression “Chief Executive Officer (CEO), Company Secretary and Chief Financial Officer (CFO)” shall be omitted. Hence now there is no need to file return of appointment of a Chief Executive Officer (CEO), Company Secretary and Chief Financial Officer (CFO)within sixty days of the appointment, with the Registrar in Form No. MR.1
- in sub-rule (l), “clauses (v), (vi), (vii) and (ix) to (xi)” shall be omitted. Hence there is no requirement to disclose the following in the Board’s report:
- Explanation of relationship between average increase in remuneration and company performance
- Comparison of the remuneration of the Key Managerial Personnel against the performance of the company
- variations in the market capitalisation of the company
- Comparison of the each remuneration of the Key Managerial Personnel against the performance of the Company
- The key parameters for any variable component of remuneration availed by the directors
- The ratio of remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year.
- in sub-rule (2)
- 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;
- in sub-clause (i) for the words “sixty lakh rupees”, the words “one crore and two lakh rupees” shall be substituted;
- in sub-clause (ii) for the words “five lakh rupees per month”‘ the words ” eight lakh and fifty thousand rupees per month” shall be substituted;
Now the need to disclose name of top 10 employees in Board Report has been enhanced to monthly salary of Rs 8.5 lakhs as a base case.
The board’s report shall include the names of the top ten employees in terms of remuneration drawn and the name of every employee, who-
- If employed throughout the financial year, was in receipt of remuneration for any part of that in the aggregate, was not less than 1 crore and 2 lakh rupees (earlier it was Sixty Lakh rupees).
- If employed for a part of the financial year, was in receipt of remuneration for any part of that year, at a rate which, in the aggregate was not less than Eight Lakh and Fifty Thousand rupees per month (earlier it was Five Lakh rupees per month).