LEGAL UPDATE
As per recent the recent clarification of MCA issued on 16th August, 2012:
Any employee of the Company or any other person holding more than 0.5% shares in the paid - up capital of the Company, shall be treated as a person having interest in the capital of the Company. The remuneration received by such a person in managerial capacity will require the central governement's approval.
http://www.mca.gov.in/Ministry/pdf/G.S.R%28E%29534_16_08_2012.pdf
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