Ministry of Corporate Affairs (MCA) has redefined ‘Managerial Person or persons’ under part II heading ‘Remuneration’ in schedule V of the companies Act , 2013 as “Managerial Person or Persons or Other Director or Directors”. The term ‘or other director or directors’ shall mean a non-executive ‘director or an independent director’. It further notifies maximum Remuneration payable by public companies having no profit or inadequate profit to other director or directors (non-executive director or an independent director) which was limited only to managerial persons.
(MCA Notification No. S.O. 1256(E) Dated: 18th March, 2021.)
