MCA has clarified that the revised limits for disclosure of details of employees drawing remuneration in excess of Rs. 5 lacs per month or Rs. 60 lacs per annum under Section 217(2A) of the Act is applicable to all annual reports approved, published and circulated on or after.
General Circular No. 23/2011, Date: 03.05.2011
Sub: Clarification regarding effective date of Companies (Particulars of Employees) Amendment Rules, 2011 – reg
The Ministry had notified Companies (Particulars of Employees) Amendment Rules, 2011 vide GSR 289 (E) dated 31.03.2011 raising the limit of employee’s salary to be disclosed in Directors Report.
2. In this regard, it is clarified that the said notification shall be applicable to all Director’s Reports under section 217 of the Companies Act, 1956 approved by the Board of Directors on or after 1.4.2011, irrespective of the accounting year of the annual account, being approved by the Board.
(Monika Gupta) Assistant Director
Copy to: All concerned