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s.314

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(Querist)
21 May 2009 Mr. A (director), mr.B (employee-Regional mgr - Salary Rs.15Lacs P.A), Mr.C (employee - Quality control head Salary Rs.12Lacs P.A) all are brothers whether section 314 attracted if yes what are the compliances & escape route if any
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Ankur Garg

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Ankur Garg (Expert)
22 May 2009 Yes in ur case sec-314(1B) is applicable which means you have to obtain prior approval of Shareholders in general meeting along with Central Govt. approval as per O or POP rules.

Central Govt. approval is required as remuneration of Mr. B & Mr. C who are relative of director is more then Rs. 50000 P.M.

Revert if there is any doubt.

Regards
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Ankur Garg

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Ankur Garg (Expert)
22 May 2009 There is no escape route available.
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