Section 314
Querist : Anonymous
Querist : Anonymous
No, Section 314(1) will not apply if she is the relative of MD or Manager.
Circumstances u/s 314(1) under which special resolution is not applicable
Under the following circumstances, the special resolution shall not be required for appointment of a person on the office or place of profit:—
1. If the monthly remuneration is less than Rs. 50,000 p.m.;
2. If the office or place of profit held by such person(s) in the capacity of managing director/whole-time director/manager/banker/debentureholder trustee;
3. If relative of director has been appointed before becoming director in the company;
4. If director of subsidiary company hold office or place of profit in holding company;
5. If such person is rendering professional advice to the company including director who is consulted or who gives his professional advice to the company occasionally and receive remuneration for such service;
6. If a company purchases or sell materials from or to a director of the company or any of the persons mentioned above to which section 297 will apply.
Any person appointed to an office of agent for the sale of the output of the company will be deemed to be holding an office or place of profit under section 314(1).
Querist : Anonymous
Yes, it will not apply but the matter should placed before the Board that she is relative of director for future reference.
Querist : Anonymous
Querist : Anonymous
Can you please explain in which all cases does section 314 gets attracted?
Solution:
Make her director of the company and give salary, in such case section 314 would not apply.
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