Companies free to decide managerial salaries: MCA
New Delhi, Sep 13: In a bid to further improve Ease of Doing Business (EoDB) in the country, the Ministry of Corporate Affairs (MCA) on Thursday said companies will no longer require government approval to decide salaries of their managerial staff.
"From September 12, 2018 approval of the Central Government shall no longer be required for the payment of remuneration to managerial personnel (in excess of 11 per cent of the net profit of a company)," the Ministry said in a statement.
In a move designed to empower common shareholders, the remuneration in excess of individual limits will now be approved by shareholders through a special resolution.
"... the government has notified that remuneration in excess of individual limits laid down for Executive and non-Executive Directors shall henceforth be approved by shareholders through a Special Resolution," the statement said.
The MCA notified commencement of changes to the Companies Act, 2013 along with the rules as part of its policy of 'Minimum Government-Maximum Governance'. The aim is to provide ease of doing business to the law-abiding corporates of the country.
In case a company has defaulted in payment of dues to a bank, financial institution or non-convertible debenture holder, a prior approval would be required from the entity to which the company has defaulted before getting the shareholders' approval.
The MCA said relevant changes have been made to Schedule-V of the Companies Act, 2013 so that companies can follow provisions of Schedule-V and need not take central government's approval when companies are in loss or have inadequate profits.
"With the issue of the notification all pending applications submitted to the Ministry
for approval of proposals for payment of managerial remuneration in excess of the limits laid down, would automatically abate and companies are free to obtain requisite approvals for those proposals, from the shareholders within one year," it added.
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Maharashtra sets up state vaccination task force to strengthen immunisation programme
Mumbai (PTI): The Maharashtra government has set up a State Vaccination Task Force to strengthen the regular immunisation programme and review the progress of related campaigns, a health department official said on Monday.
The State Vaccination Task Force will comprise at least 29 members and will be headed by the administrative head of the health department, he informed.
The government has also constituted separate district-level and municipal vaccination task forces to improve implementation and address challenges at the grassroots level, he said.
Municipal task forces, chaired by respective civic commissioners, have been constituted in view of the vast urban population in Maharashtra and the role of civic bodies in implementing different health programmes.
The district-level task forces will function under the chairmanship of collectors.
"Complete immunisation of children at the appropriate age is an extremely simple, cost-effective and highly effective measure to reduce child mortality and the prevalence of diseases among kids. Immunisation is a powerful tool for reducing illness in children," maintained the official.
To ensure full vaccination of all children, the state government implements various campaigns from time to time as per the central government guidelines, he pointed out.
"Active participation and cooperation of other relevant government departments are essential (in making these campaigns successful)," according to the official.
The state-level body will review the regular immunisation programme, associated campaigns and vaccine-preventable diseases in detail. It will also conduct focused assessments of high-risk districts and municipal corporations, including vacancies at district, municipal and sub-district levels, availability of cold chain equipment, resource gaps and training requirements, he noted.
The state task force will review allocation and utilisation of funds for immunisation and ensure timely action by officers concerned based on reports from district and municipal task forces and state-level monitoring mechanisms, the official said.
It will also ensure active coordination and participation of other government departments in immunisation drives, while district and municipal task forces will carry out similar functions at their respective levels, the official added.
