Clarification regarding effective date of Companies (Particulars of Employees) Amendment Rules, 2011
The Ministry of Corporate Affairs had notified Companies (Particular of Employees)Amendment Rules, 2011 vide GSR 289 (E) dated 31.03.2011 raising the limit of employee's salary to be disclosed in the Directors Report from Rs. 24 Lakhs per annum or Rs. 2 lakhs per month to Rs. 60 Lakhs per annum or Rs. 5 Lakhs per month. In this regard it has now been clarified by the MCA vide circular no. 23/2011 that the said notification shall be applicable to all Director's Report 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.