Increase in Remuneration of Managerial Personnel of a public company requiring Central Government Approval

Where the remuneration of the Managerial personnel is in excess of the limits prescribed under Schedule V, approval from Central Government is required.

Estimated Time


Price Range

INR 6,000-10,000/man day

Scope of Work

1. Computation of Effective Capital and issue of Certificate of compliance. 2. Drafting of Notice of BM, Agenda, Notes to Agenda, Draft Resolution, Minutes. 3. Drafting of Notice of General meeting, Agenda, Notes to Agenda, Draft Resolution, Minutes, Public Notices. 4. Drafting of Agreement for appointment of Managerial Personnel. 5. Filing of Form MGT-14 with the ROC within 30 days of passing resolution. 6. Filing of Form MR-2 with the ROC within 90 days of Board Resolution. 7. Updation of Statutory Register

Documents Required

1. Copy of the calculation sheet for effective capital. 2. Certified true copy of the resolution of Board of directors. 3. Copy of the resolution of nomination and remuneration committee. 4. Certified true copy of resolution of shareholder(s) along with notice. 5. Certificate from the auditor or company secretary. 6. Certificate of no-default in repayment of debts. 7. No objection certificate from the financial institutions(s) or bank(s). 8. Copy of the order of BIFR or NCLT together with the copy of a scheme of revival or rehabilitation.(in select cases). 9. Copy of draft agreement between the company and the proposed managerial personnel. 10. Newspaper clipping in which notices were issued. 11. Copy of employment visa/ passport, in case the proposed appointee is a foreign citizen. 12. Copies of educational or professional qualification certificate. 13. Projections of turnover and net profits for next three years. 14. Calculation of estimated profit under section 198 of the Act is mandatory in all cases. 15. Auditors Certificate pursuant to Section 164 of the Companies. 16. Documentary proof regarding compliance of the provisions. 17. Certificate by the Company Secretary or CA/CS in whole time practice to be notified erstwhile. 18. Details, if applicant company is a subsidiary of listed company. 19. Certificate from CA/CS in whole time practice along with calculation of excess remuneration paid is mandatory in case waiver is sought for excess remuneration paid during a particular financial year.