Section 314
This query is : Resolved
12 March 2013
HI ALL,
In my Company one of our directors relative is paid Rs.1,45,000 Per month on a regular basis for a contact entered with the company as consultancy fees . Will section 314 gets atracted and should we pass a special resolution and get central governments approval.
Pls clarify
In my Company one of our directors relative is paid Rs.1,45,000 Per month on a regular basis for a contact entered with the company as consultancy fees . Will section 314 gets atracted and should we pass a special resolution and get central governments approval.
Pls clarify
12 March 2013
When a director, his partner or relative rendering services of professional nature is engaged on regular retainership basis in the company on the remuneration fixed in advance, provisions of section 314 is attracted.However, if he is consulted not on retainership basis but only on occasionally, the section is not attract.[Circular No. 14/75 dated 15.06.1975].
You will covered under 314(1B).
You will covered under 314(1B).
12 March 2013
But the section talks about a limit that is RS. 2,50,000. Pls clarify
12 March 2013
Yes,
You no need to take CG approval, you only pass SR.
You no need to take CG approval, you only pass SR.
12 March 2013
Thank you sir
12 March 2013
My pleasure.............
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