banner_ad

Section 314(1B) of the Companies Act, 1956

This query is : Resolved 
Profile Image

Profile Image

(Querist)
03 January 2011 Hi...

If a relative of a Director of the Company is to hold an office or place of profit in its subsidiary company carrying a monthly remuneration in excess of Rs.50,000 p.m., whether the prior approval of the shareholders by way of a Special Resolution has to be obtained?

What is the meaning of the term,'Notwithstanding'?

Regards

CS Udit Sharma
Profile Image

Jayashree S Iyer

Profile Image

Jayashree S Iyer (Expert)
04 January 2011 I think in addition to special resolution, CG approval will also be required as the monthly remuneration is going to be in excess of Rs.50,000 p.m.

The significance of using the words 'notwithstanding' is due to the fact that sub-section (1) already covers cases where only special resolution is required (monthly remuneration is less than Rs.50000 p.m.) while this sub-section covers SR + CG approval where monthly remuneration is greater than Rs.50000 p.m.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details