Section 641 of the Companies Act, 1956 – Schedules, forms and rules – Power to alter schedules – Amendments in Schedule XIII

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NOTIFICATION NO. GSR 70(E), DATED 8-2-2011

In exercise of the powers conferred by sub-section (1) of section 641of the Companies Act, 1956, the central government hereby makes the following further amendments in Schedule XIII to the Companies Act, 1956, namely:-

1. In the Schedule XIII, in Part II, in Section II-

(i) in sub-para (C), in third proviso, after the word, “scale” occurring at the end, the following words shall be inserted namely:-

“if the company is a listed company or a subsidiary of a listed company”;

(ii) for Explanation IV, to the section II, the following Explanation shall be substituted, namely:-

For the Prupose of this section “Remuneration Committee” means:-

(i) In respect of a listed company, a committee which consists of atleast three non-executive independent directors including nominee director or nominee director, if any; and

(ii) in respect of any other company, a Remuneration Committee of Directors”;

2. It shall come into force from the date of its publication in the Official Gazette.