......but as between persons who became directors on the same day ,
those who are to retire shall ,
in default of and subject to any agreement among themselves ,
be determined by lot.

My question is that " be determined by lot " applies to

" in default Of "

or " subject to any agreement among themselves "

or both .

My interpretation is this that " be determined by lot " applies to both i.e.

-- in default of any agreement among themselves ,be determined by lot

--- subject to any agreement among themselves , be determined by lot

Because the word used in between " in default of " " subject to " is AND .

Most of the authors / teachers say that

-- "those who are to retire shall , in default of any agreement among themselves. be determined by lots "

---"those who are to retire shall , be determined as per the agreement among themselves '

which in my opinion is not correct


Please interpret the section and express your views on this interpretation

Thanks

......but as between persons who became directors on the same day ,
those who are to retire shall ,
in default of and subject to any agreement among themselves ,
be determined by lot.

My question is that " be determined by lot " applies to

" in default Of "

or " subject to any agreement among themselves "

or both .

My interpretation is this that " be determined by lot " applies to both i.e.

-- in default of any agreement among themselves ,be determined by lot

--- subject to any agreement among themselves , be determined by lot

Because the word used in between " in default of " " subject to " is AND .

Most of the authors / teachers say that

-- "those who are to retire shall , in default of any agreement among themselves. be determined by lots "

---"those who are to retire shall , be determined as per the agreement among themselves '

which in my opinion is not correct


Please interpret the section and express your views on this interpretation

Thanks

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I am curious to understand what happens if only one partner remains in LLP. Rest all partners are retired for summer or the other reasons

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As per Rule 4 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a company cannot pay sitting fees more than 1 lakh, which is corresponding provision to Section 197(5). Further, as per section 196(4), a private limited company is exempted from adhering to the provisions of Section 197 & Schedule V for providing remuneration to its directors, then how is suddenly Section 197(5) gets applicable to private limited company? Also, the starting statement of Section 197 is "The total managerial remuneration payable by a public company" and then all other subsections are in connection with the initial sub-section, then how Sub-section 5, out of nowhere, gets applicable to private company?

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Ranjith is wealthy man enjoying large dividend and interest income. He has formed three private companies and agreed with each of them to hold block of investment as an agent for it. Income received was credited in the accounts of the company but the company handed back the amount to him as a pretended loan. this way, he divided his income in three parts in a bid to reduce his liability.
Wanted to know the facts, issues, relevant provisions, analysis and conclusion on the legality of the purpose for which the three companies were formed

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