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director holding an office or place of profit

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Querist : Anonymous

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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.
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udit sharma

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udit sharma (Expert)
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
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Ajay Mishra

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Ajay Mishra (Expert)
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
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Rasesh

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

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udit sharma (Expert)
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...
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Bhaskaran Chackrapani Warrier

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

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

Thanx
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Querist : Anonymous

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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?
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Jayashree S Iyer

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