Monetary
Ceilings of Salaries for the Corporate Sector including CEOS and CFOS
There
are no monetary ceilings of salaries laid down in the Companies Act, 1956 for
personnel serving in the corporate sector including CEOs, CFOs and Directors
thereof. Giving this information in written reply to a question in the Rajya
Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that the
only ceiling that is laid down in section 198 of the Act is to the effect that
the total remuneration “payable by a public company or a private company which
is a subsidiary of a public company, to its directors and its manager shall not
exceed eleven percent of the net profit of that company for that financial year”.
Therefore, the Ministry of Corporate Affairs does not maintain details of
salaries payable to personnel of companies at any level.
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