In the present work the multiband p-d model for $CuO_2$-layer is treated. It was shown that for the realistic set of parameters besides Zhang-Rice two-particle singlet there is non-negligible contribution of two-particle triplet state to the top of the valence band. Also shown, that to gain quantitative agreement with experimental data the minimal approximation should include the spin fluctuations beyond the Hubbard-I scheme. Quasiparticle spectrum, obtained in this approximation, is in fairly good agreement with ARPES data on Bi2212 High-$T_c$ compound. Comment: Submitted to ICM 2003 Conference 3 pages, 2 figures