The Companies (Amendment) Act, 1988 introduced Schedule XIII to replace the administrative guidelines in respect of managerial remuneration issued by
the Central Government. Accordingly, it is now open to a public company or a private company which is a subsidiary of a public company, to appoint its
managerial personnel and fix their remuneration so long as the same is in accordance with the conditions laid in Schedule XIII without seeking the prior
approval of the Central Government.
The salient features of Schedule XIII are as follows:
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