Appointment of director's relative as employee
This query is : Resolved
CA SINCY SAJI
(Querist)
04 January 2012
In a Private Limited Company, the Managing Director appointed his wife (not a share holder of the company) as the Manager of the company with a monthly remuneration. Does any resolution required? Whether sec. 314 of the Companies Act apply here?
CS Mitesh Mehta
(Expert)
04 January 2012
Section 314 will be applicable only if total monthly remuneration exceed Rs. 50,000/-
CS Mitesh Mehta
(Expert)
04 January 2012
Further Section 314(1) specifically exclude 4 offices or place of profit, namely - MD, Manager, banker & debenture trustee.
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