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Regularisation of additional director

This query is : Resolved 
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(Querist)
06 May 2015 IS IT MANDATORY TO REFUND THE DEPOSIT OF RS 1 LAKH TO DIRECTOR AFTER HE GETS REGULARISED AT THE AGM. CAN THE DEPOSIT BE FORFEITED BY THE COMPANY
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
06 May 2015 Yes

In case the candidate is appointed as director at the general meeting, or he gets more than 25% of valid votes cast, the deposit amount has to be refunded by the company to the concerned person. Otherwise, the deposit is to be forfeited by the company. General Circular No. 38/2O14
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ACS Anjali Jain

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ACS Anjali Jain (Querist)
06 May 2015 the circular which you have referred talks in relation section 8 comapny
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CS Arvind meena

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CS Arvind meena (Expert)
06 May 2015 Please refer Section 160
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