APPLICABILITY OF SCHEDULE XII IN CASE PAID UP CAPITAL IS LESS THEN RS. 5 CRORE
All public companies, with whatever paid up capital they have, desiring to appoint managerial personnel are bound to appoint them under Schedule XIII if they do not go to the Central Govt. for approval.
Central Govt. will also not entertain applications, if such applications are for approval of remuneration within the ceiling prescribed and the appointments also are within the norms indicated in that schedule. Once the appointment of a managerial person comes under Schedule XIII, provisions of Section II of Part II relating to minimum remuneration would also come into play.
