What Is Schedule V Of Companies Act 2013?

What is Schedule D drugs?

Examples: Serums, Adrenaline Vitamins etc.

Schedule D: List of drugs exempted from the provision of import of drugs.

Schedule E: Contains various poisons and their regulation.

Examples: Sarpa Visha (Snake venom), Parada (Mercury) etc.

Schedule F: This contains regulations and standards for running a blood bank..

What is managerial remuneration?

‘Remuneration’ means any money or its equivalent given to any person for services rendered by him and includes the perquisites mentioned in the Income-tax Act, 1961. Managerial remuneration in simple words is the remuneration paid to managerial personals.

Is Schedule V of Companies Act 2013 applicable to private companies?

Section 197 and Schedule V applicable only on Public Limited Companies. Private Limited Companies are out of preview of Section 197 and Schedule V. There is no limit on remuneration for Private Limited Companies. They can pay any amount of remuneration without comply with provision of Section 197 and Schedule V.

How many ACT schedules are there?

Pharmaceutical industries in India those are manufacturing the drug products for domestic market have to follow the Drugs & Cosmetics Act. It contains 168 rules from 1 to 168 and 25 Schedules from Schedule A to Schedule Y. Different type of forms is also given for the different type of approvals from drug authorities.

Is section 196 applicable to private companies?

Yes, provisions of Section 196 Shall apply to a Private Limited Company but provisions of Section 197 shall not apply relating to remuneration.

What are the objectives of Companies Act 2013?

Purpose/ Objectives of the Companies Act 2013To develop the economy by encouraging entrepreneurship.Creating flexibility and simplicity in the formation and maintenance of companies.To encourage transparency and high standards of corporate governance.More items…•

Why was Companies Act 2013 introduced?

The new law is aimed at easing the process of doing business in India and improving corporate governance by making companies more accountable. The 2013 Act also introduces new concepts such as one – Person Company, small company, dormant company and corporate social responsibility (CSR) etc.

What is D and C Act?

The Drugs and Cosmetics Act, 1940 is an Act of the Parliament of India which regulates the import, manufacture and distribution of drugs in India. The primary objective of the act is to ensure that the drugs and cosmetics sold in India are safe, effective and conform to state quality standards.

What is Schedule IV of Companies Act 2013?

Schedule IV to the Companies Act, 2013 provides for the ‘Code for Independent Directors’. The appointment process of Independent Directors is independent of the company management. … The appointment of Independent Director(s) of the Company is approved at the meeting of the shareholders.

What is Schedule K in Drug and Cosmetic Act?

Schedule K contains various substances and drugs and their corresponding regulation of Drugs and Cosmetics Rules, 1945. Schedule K consists of those drugs that are exempted from Chapter IV of the Drugs and Cosmetics Act, 1945 which deals with manufacture, sale and distribution of drugs and cosmetics.

How many Schedules are there in Companies Act 2013?

7 schedulesThe 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules.

What is Schedule 3 of Companies Act?

Schedule III to the Companies Act, 2013 (2013 Act) provides general instructions for presentation of financial statements of a company under both Accounting Standards (AS) and Indian Accounting Standards (Ind AS).

Is managerial remuneration applicable to private companies?

Remuneration Payable by Private Company: As per the provisions of Companies Act, 2013, the restriction under Section 197 and Section 198 shall apply only when managerial remuneration or remuneration paid by a public Company.

Is ESOP part of managerial remuneration?

An interesting question of the law is, at what stage, ESOPs granted by the company to its directors will be regarded as managerial remuneration for the purposes of Section 197 of the Act and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”).

What is effective capital as per schedule V?

Effective capital means the aggregate of the paid-up share capital (excluding share application money or advances against shares); amount, if any, for the time being standing to the credit of share premium account; reserves and surplus (excluding revaluation reserve); long-term loans and deposits repayable after one …

Is section 197 applicable to private companies?

This section is not applicable to Private company. Section 197 pertaining to cap on overall managerial remuneration in case of profit, in case of absence or inadequacy of profits and Schedule V are not applicable.

When did Companies Act 2013 became applicable?

29 August 2013The long-awaited Companies Bill 2013 got its assent in the Lok Sabha on 18 December 2012 and in the Rajya Sabha on 8 August 2013. After having obtained the assent of the President of India on 29 August 2013, it has now become the much awaited Companies Act, 2013 (2013 Act).

What is Section 198 of Companies Act 2013?

Section 198 of the Companies Act, 2013 lays down the method of computation of profits specifically for the purpose of Section 197, i.e. managerial remuneration. … Surplus arising out of CSR activities The surplus from CSR activities shall not form a part of the business profits of the company.