Company Law Updates: Remuneration to Independent Director and Filling of forms under Company Law

✓ Provisions of Remuneration to Independent Director:

√ Central Govt. notifies much awaited amendment proposed in CAA, 2020 with respect to payment of remuneration to NEDs & IDs in case of inadequacy or no profit (section 32 & 40 of CAA, 2020) with effect from March 18, 2021.

√ Vide amendment notification dated March 18, 2021, Schedule V of the CA, 2013 is amended to include NEDs & IDs within Part II of Schedule V and thereby enabling the payment of remuneration to NEDs & IDs by companies having inadequate or no profit (in addition to sitting fees).


✓ Filing of Forms under Company Law:

Establishment of Central Scrutiny Centre (CSC) to carry out Straight Through Processes (STP) of forms filled under Company Law.


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