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section 314

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(Querist)
18 June 2010 whether sec.314 is attracted when a director is paying remunertion to his mother of Rs.50,000/- from the company and if applicable what are the formalities which are required to be complied with and how?
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Rasesh

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Rasesh (Expert)
18 June 2010 Prior approval of members is required in this case. No remuneration should flow from the Company to the relative before the approval of members is taken in an AGM/EGM by way of an Special Resolution.
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