Section 314

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2010 ABC is a pvt ltd Company. Mr. X is MD of the Company. The Company proposes to appoint Ms. Y, the daughter of Mr. X as employee of the Company. What resolutions and type of meeting will be required if

1) monthly remuneration is Rs. 9,500/- p.m.

2) monthly remuneration is Rs. 19,500/- p.m.

3) monthly remuneration is Rs. 30,000/- p.m.

4) monthly remuneration is Rs. 60,000/- p.m.

While interpreting the term remuneration, does it include only Basic + DA or other perks and emoluments as well?

Experts please help.

Jagruti (CS)

Jagruti (CS) (Expert)
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09 September 2010 Following are the procedure

1) monthly remuneration is Rs. 9,500/- p.m.- Board resolution only

2) monthly remuneration is Rs. 19,500/- p.m.- Special Resolution which may be taken after appointment also

3) monthly remuneration is Rs. 30,000/- p.m.- Prior Approval of shareholders by Special resolution

4) monthly remuneration is Rs. 60,000/- p.m - Prior Members approval with special Reoslution & Central Govt approval too

as per Sec 314 , remunertion includes any payment made by Company to such individualholding office or place of profit