Director remuneration

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This discussion clarifies the eligibility of a state government employee to become a director of a new finance company, stating they cannot. However, their spouse, even a housewife with no income, can be appointed. The conversation also touches upon the source of funds (e.g., a gift from the father) for the required amount of £100,000 for director appointments, confirming it should not pose a problem.

lokesh ramesh

lokesh ramesh (Querist)
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31 January 2021 Sir , My father is a State government employee but wants to be a director of a new Finance company tell me the possibilities . If he cannot be a Director what about my mother (house wife with no income ) does she be able to become the director ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 February 2021 Your father can't be director being government employee. Your mother can be director

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lokesh ramesh

lokesh ramesh (Querist)
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02 February 2021 But my mother has no income since she is a house wife . For the director appointment we are liable to an amount of 100,000 will that be in any problem like what is the source of the amount (100,000)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 February 2021 Get the amount as gift from father.

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lokesh ramesh

lokesh ramesh (Querist)
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04 February 2021 Thank you sir that was a great findings for me

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 February 2021 You are welcome.......

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