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Office of place of profit for relative of director

This query is : Resolved 
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(Querist)
04 April 2012
Dear Members,

Please provide your view...
Whether Consultancy fees of Rs. 300000 per month paid to relative of Director comes under section 314 (1B) of Companies Act, 1956.
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Ajay Mishra

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Ajay Mishra (Expert)
05 April 2012 Hi


When a director, his partner or relative rendering services of professional nature is engaged on regular retainer ship basis in the company on a remuneration fixed in advance, provisions of section 314 is attract. However, if he is consulted not on retainer ship basis but only occasionally, the section is not attract. {Circular No. 14/75 dated 5th June 1975}.

Regards
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Chandan Gupta

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Chandan Gupta (Querist)
05 April 2012 Thanks Sir for your reply....
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