Reports of Board of Directors of Companies – Statement showing details of employees drawing remuneration beyond prescribed limits-Clarification

General Circular No. 16/2002

No.229/98-CL.V

Government of India

Ministry of Law, Justice & Company Affairs

Department of Company Affairs

5th floor, `A’ Wing,  Shastri Bhavan,

Dr. R.P. Road, New Delhi.

Dated:  25.6.2002

To

All Regional Directors

All Registrars of Companies

Subject: Reports of Board of Directors of Companies – Statement showing details of employees drawing remuneration beyond the prescribed limits – Clarification

Sir,

I am directed to draw attention to General Circular No: 10/2002 dated 26.4.2002 of  this Department through which, inter-alia,  the Notification No: GSR 288(E) dated 17.4.2002  regarding revision of limits in respect of employees to be covered under Statement to be attached with the report of the Board of Directors pursuant to section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, was circulated.  It was clarified through that Circular that such revision will apply in respect of Directors’ Reports annexed to those Balance Sheets, the financial year in respect of which has closed on or after 17.4.2002.

2. The matter regarding application of  such revision also in respect of Directors’ Reports annexed to the  Balance Sheets, the financial year in respect of which was closed prior to 17.4.2002,  has been examined in the Department.  A decision has been taken that Directors’ Reports annexed to the  Balance Sheets, the financial year in respect of which has closed on 31.3.2002 may include details of employees on the basis of  revised limits.

3. The receipt of this Circular may kindly be acknowledged.

Yours faithfully,

(Thakur Sharan)

Under Secretary to the  Government of India

Tel No.3389796

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