MCA had notified Companies (Particulars of Employees) Amendment Rules, 2011 vide GSR 289 (E) dated 31.03.2011 raising the limit of employee’s salary to be disclosed in Directors' Report from Rs. 24 lakhs p.a. to Rs. 60 lakhs p.a.
Now, MCA, vide General Circular No. 23 dated 3rd May, 2011 has clarified that the said notification shall be applicable to all Directors' Reports under section 217 of the Companies Act, 1956 approved by the Board of Directors on or after 1.4.2011, irrespective of the accounting year of the annual account, being approved by the Board.
A copy of the Circular is attached herewith and the same can be accessed by visiting the following link:-
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