Amendment status not verified — confirm the current text below against the official source.
In Schedule V, in Part II, in section III, for clause (b), the following clause shall be substituted, namely:— “(b) where the company— (i) is a newly incorporated company, for a period of seven years from the date of its incorporation, or (ii) is a sick company, for whom a scheme of revival or rehabilitation has been ordered by the Board for Industrial and Financial Reconstruction for a period of five years from the date of sanction of scheme of revival, or (iii) is a company in relation to which a resolution plan has been approved by the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 for a period of five years from the date of such approval, it may pay remuneration up to two times the amount permissible under section II.”. 142 1[THE TWELFTH SCHEDULE [See clause (d) of section 29A] ACTS FOR THE PURPOSES OF CLAUSE (d) OF SECTION 29A (1) The Foreign Trade (Development and Regulation) Act, 1922 (22 of 1922); (2) The Reserve Bank of India Act, 1934 (2 of 1934); (3) The Central Excise Act, 1944 (1 of 1944); (4) The Prevention of Food Adulteration Act, 1954 (37 of 1954); (5) The Essential Commodities Act, 1955 (10 of 1955); (6) The Securities Contracts (Regulation) Act, 1956 (42 of 1956); (7) The Income-tax Act, 1961 (43 of 1961); (8) The Customs Act, 1962 (52 of 1962); (9) The Water (Prevention and Control of Pollution) Act, 1974 (6 of 1974); (10) The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (52 of 1974); (11) The Air (Prevention and Control of Pollution) Act, 1981 (14 of 1981); (12) The Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986); (13) The Environment (Protection) Act, 1986 (29 of 1986); (14) The Prohibition of Benami Property Transactions Act, 1988 (45 of 1988); (15) The Prevention of Corruption Act, 1988 (49 of 1988); (16) The Securities and Exchange Board of India Act, 1992 (15 of 1992); (17) The Foreign Exchange Management Act, 1999 (42 of 1999); (18) The Competition Act, 2002 (12 of 2003); (19) The Prevention of Money-laundering Act, 2002 (15 of 2003); (20) The Limited Liability Partnership Act, 2008 (6 of 2009); (21) The Foreign Contribution (Regulation) Act, 2010 (42 of 2010); (22) The Companies Act, 2013 (18 of 2013) or any previous company law; (23) The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015); (24) The Insolvency and Bankruptcy Code, 2016 (31 of 2016); (25) The Central Goods and Services Tax Act, 2017 (12 of 2017) and respective State Acts imposing State goods and services tax; (26) such other Acts as may be notified by the Central Government. Every notification issued under this Schedule shall be laid, as soon as may be after it is issued, before each House of Parliament.]