MCA has amended Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 Disclosure in Board Report-emplyees whose salary is Rs. 1.02 crores pa /Rs 8.5 lacs pm

MCA has amended Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 by introducing Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules 2016. There are broadly two amendments:

1. Now E-form MR 1 is NOT required to be filed for appointment of CEO, CS & CFO. 

2. Disclosure requirements in Board's report relating to Directors and employees remuneration amended as
under:

     (i) Board Report to state the name of top 10 employees in terms of remuneration drawn;

    (ii) Board Report to provide details of employees whose salary is Rs 1.02 Crores p.a. / Rs 8.5 lacs p.m. (instead of employees whose salary is Rs 60 lacs p.a. / Rs 5 lacs p.m.).