April 22, 2011
The Ministry of Corporate Affairs vide Notification dated 31stMarch, 2011 has amended the Companies (Particulars of Employees) Rules, 1975 which will be called as Companies (Particulars of Employees) Amendment Rules, 2011. As per the amendment, the remuneration limit for the applicability of these rules have been revised from Rs. 24 Lakhs per annum or Rs. 2 lakhs per month to Rs. 60 Lakhs per annum or Rs. 5 Lakhs per month. MCA has vide its Circular No. 23/2011 dated 03rd May, 2011, clarified that the Companies (Particulars of employees) Amendment Rules, 2011 shall be applicable to all Director’s Reports under section 217 of the Companies Act, 1956 approved by the Board of Directors on or after 01st April, 2011, irrespective of the accounting year of the annual account, being approved by the Board.