Corporate Updates – 15-09-2016


MCA vide Notification notified that the Remuneration Limits for the Companies having no or inadequate profits can be enhanced without the Central Government approval, that is, Section II of Part II has been substituted. It states that managerial person who is functioning in a professional capacity, no approval of Government is required if such managerial person is not having any interest in the capital of the Company, its holding company or any of its subsidiary companies during last 2 years on or after date of appointment and possesses graduate level qualification and specialized knowledge in field of which the Company operates. Schedule V of the Companies Act, 2013 relating to the condition to be fulfilled for appointment of Managing Director/ Whole Time Director/ Manager has been amended.

Labour Department – Authorization to CS to conduct Labour Law Audit

Labour Department, Government of Haryana had formulated Third Party Certification/Audit Scheme (‘Scheme’) for the factories, shops and commercial establishments in the State. The Third Party Certification/Audit Scheme has authorized Practicing Company Secretaries to conduct audits of compliance of various labour laws. As per the scheme, “Compliance Auditor” would be a qualified Practicing Company Secretary and who has not been an employee or on the regular pay role of the establishment or has not been a consultant of the company for the last three years. It has been further provided that the units which submit Third Party Certification regularly on annual basis shall not be inspected through the random list of inspections.

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