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Section 2

Clause (d) omitted by Notification No. S.O. 4822(E), dated 12th September, 2018 (w.e.f. 12-9-2018).

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2. Clause (d) omitted by Notification No. S.O. 4822(E), dated 12th September, 2018 (w.e.f. 12-9-2018). Explanation III . — For the purposes of this Schedule, " family " means the spouse, dependent children and dependent parents of the managerial person. Explanation IV. V. — The Nomination and Remuneration Committee while approving the remuneration under Section II or Section III, shall — (a) take into account, financial position of the company, trend in the industry, appointee's qualification, experience, past performance, past remuneration, etc.; (b) be in a position to bring about objectivity in determining the remuneration package while striking a balance between the interest of the company and the shareholders. Explanation V. V. — For the purposes of this Schedule, " negative effective capital " means the effective capital which is calculated in accordance with the provisions contained in Explanation I of this Part is less than zero. Explanation VI. I. — For the purposes of this Schedule:— 1* * * * * (B) " Remuneration " means remuneration as defined in clause (78) of section 2 and includes reimbursement of any direct taxes to the managerial person. Section V. — — Remuneration payable to a managerial person in two companies: Subject to the provisions of sections I to IV, a managerial person shall draw remuneration from one or both companies, provided that the total remuneration drawn from the companies does not exceed the higher maximum limit admissible from any one of the companies of which he is a managerial person. PART III Provisions applicable to Parts I and II of this Schedule The appointment and remuneration referred to in Part I and Part II of this Schedule shall be subject to approval by a resolution of the shareholders in general meeting. The auditor or the Secretary of the company or where the company is not required to appointed a Secretary, a Secretary in whole-time practice shall certify that the requirement of this Schedule have been complied with and such certificate shall be incorporated in the return filed with the Registrar under subsection (4) of section 196. PART IV The Central Government may, by notification, exempt any class or classes of companies from any of the requirements contained in this Schedule.