Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director

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Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director 1
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Please find text of the Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director notification below –

Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director

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Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India

19th  March, 2021

ANNOUNCEMENT

Sub: Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director w.e.f. 18th  March, 2021

This is to inform you that the Central Government has appointed the 18th March,  2021 as the date on which the following provisions of the Companies (Amendment) Act, 2020 shall come into force namely:

SNo.Section of the Companies (Amendment) Act,2020Section of the Companies Act, 2013Particulars
1Section 32Insertion of proviso to Section 149(9)Remuneration of Independent Director
2Section 40Section 197(3)Overall Maximum Managerial Remuneration and Managerial Remuneration in Case of Absence  or Inadequacy of Profits

Accordingly, after amendment, non-executive directors including independent directors may receive remuneration, in case of absence or inadequacy of profits, in accordance with Schedule V of the Companies Act, 2013.

Notification is available at the link- http://www.mca.gov.in/Ministry/pdf/CommencementNotification_18032021.pdf

Members may note the above.

Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director 2 Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director 3 Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director 4 Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director 5
Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director 6 Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director 7 Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director 8

Sincerely Yours,

Chairman and Vice Chairman

Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India


Official Link of Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director notification can be accessed from below –

https://resource.cdn.icai.org/63823clcgc51351b.pdf

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Team CA Study

Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director 9

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