director holding an office or place of profit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2010 dear all,
an independant director of a private ltd company is not in receipt of any remmuneration but is a technical consultant of the co. on retainership basis, is he a director holding an office or place of profit, if so what are the applicable provisions with section no.

udit sharma

udit sharma (Expert)
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29 November 2010 In my opinion the Diretor can not be said to hold a office or place of profit in the company.....

Best Regards

Udit Sharma

Ajay Mishra

Ajay Mishra (Expert)
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29 November 2010 Hi

If a director taking any money from a company other than from his directorship will come under the provision of section 314.

Regards

Rasesh

Rasesh (Expert)
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29 November 2010 Agree with Mr. Mishra

udit sharma

udit sharma (Expert)
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29 November 2010 Since the Director is not in receipt of any remuneration as Technical consultant, provisions of section 314 are not attracted in this case...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 November 2010 Sharmaji's observation may be followed in view of section 314(3) of the Companies act,1956.

Ankur Garg

Ankur Garg (Expert)
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29 November 2010 Section 314 is not applicable in the aforesaid case.

Thanx

Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2010 Sir,
there is a correction to my question. the director is taking fees for such technical services. what are the consequences?

Jayashree S Iyer

Jayashree S Iyer (Expert)
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08 December 2010 Section 314 is applicable if the technical services is on regular retainership basis.

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