Section 314 w.r.t. private company

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Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2012 The Directors of a private Company are appointed since the time of its incorporation and they all are relatives of each other? Does sec. 314 applies in this case?
& if the Board decides to pay remuneration to one of such Director now? how is section 314 applicable... Kindly reply asap

Ajay Mishra

Ajay Mishra (Expert)
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11 October 2012 Hi

As per section 314(3), a director is said to be holding 'Office or Place of Profit' in a company, if he obtains from the company in addition to the remuneration to which he is entitled as a director any salary, fees, commission or any other perquisites while holding the office of a director.
An individual other than a director or any firm, private company or body corporate is said to be holding office or place of profit in a company, if they obtain from the company, by way of remuneration, any salary, fees, commission or any other perquisites while holding the office or place of profit in the company.

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2012 But what if a Director(who is not receiving any remuneration)but relative of such Director is paid remuneration in the Company?? plz.reply

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