Place of profit
This query is : Resolved
24 March 2010
if son of a Director is appointed at a salary of more than Rs. 21000 per month, will provisions of Place of profit apply?
24 March 2010
Section 314(1B) will be applicable in the case when any relative of director is drawing more than Rs. 50,000 per month as a salary.
others views are also solicited
Regards
others views are also solicited
Regards
24 March 2010
Before appointment on the salary of 21000 you have to obtain previous approval of shareholders by way of special resolution u/s 314(1B).
However where salary is more than 50000 prior CG approval is also requited in addition to previous approval of shareholders by way of special resolution u/s 314(1B).
However where salary is more than 50000 prior CG approval is also requited in addition to previous approval of shareholders by way of special resolution u/s 314(1B).
25 March 2010
Sec 314 (1B) says "monthly remuneration (not less than Rs. 20000) Proir concent by SR is required and CG approval"
and means??
and means??
25 March 2010
and means both are mandatory
25 March 2010
so that means in case of Rs. 20000 and above CG approval is required???
and if the son receives remuneration which he is entitled to, then is the sec attracted???
Plz answer completely.
and if the son receives remuneration which he is entitled to, then is the sec attracted???
Plz answer completely.
25 March 2010
now the limit is 50000 instead of 20000/-
hence CG approval is not required
hence CG approval is not required
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