President of the National Company Law Tribunal (NCLT) will have a fixed monthly pay of Rs 80,000 crore besides other allowances, according to the government.
The new tribunal, which would replace the Company Law Board, is being set up under the Companies Act, 2013.
The President would be entitled to a monthly fixed pay of Rs 80,000 besides other allowances, the Corporate Affairs Ministry has said.
For judicial and technical members, salaries would be in the pay scale of Rs 67,000 to Rs 79,000. Besides an annual increment of three per cent, they would also be entitled for allowances.
The Ministry, which is implementing the companies law, has finalised rules for salary, allowances and other service terms and conditions for NCLT president and members.
A person who is or has been a High Court judge for five years would be eligible for the post of NCLT president.
In case a serving High Court judge or a person in government service is appointed to the post of president, judicial or technical members at NCLT, "the service rendered in the tribunal shall count for pension".
The Ministry noted that "neither the salary and allowances nor the other terms and conditions of service of the president and the members shall be varied to their disadvantage after their appointment".
The tribunal is expected to be operational from April next year and the principal bench based in the national capital.
