The Ministry of Corporate Affairs has amended the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. These rules may be called the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016. In rule 3, the words “Chief Executive Officer (CEO), Company Secretary (CS) and Chief Financial Officer (CFO)" omitted. Accordingly, Form MR-1 not required to be filed for CEO, CS and CFO. The limit prescribed for disclosure of employees in respect of remuneration under the Rule 5(2)(i) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules is increased from sixty lakh rupee to one crore and two lakh rupees and limit prescribed under the Rule 5(2)(ii) of the said rules is increased from five lakh rupees per month to eight lakh and fifty thousand rupees per month.
The Ministry of Corporate Affairs has modified the e-Forms CHG-1, CHG-4, DPT-3 and MR-2. The new version of e-Forms CHG-1 (Application for registration of creation, modification of charge (other than those related to debentures)), CHG-4 (Particulars for satisfaction of charge thereof), DPT-3(Return of deposits) and MR-2 (Form of application to the Central Government for approval of appointment or reappointment and remuneration or increase in remuneration or waiver for excess or over payment to managing director or whole time director or manager and commission or remuneration to directors) available w.e.f. 2nd July, 2016. Only new version of e-forms will be acceptable and stakeholders are requested to plan accordingly.