What is use of section 314 of companies act
This query is : Resolved
11 February 2012
Dear all,
Please elaborate the section 314
Please elaborate the section 314
13 February 2012
The provisions of Section 314 of the Companies Act, 1956 deal with Directors or relatives holding Office or Place of profit.
This Section applies both to Public as well as Private Ltd Companies. The main aim of this Section is to ensure that the directors who occupy a fiduciary position in the company should not misuse their position directly or indirectly. Section 314 of the Companies Act, 1956 prohibits appointment of Directors or their relatives or firm or companies in which Directors are interested to hold “ Office or Place of Profit” without approval of members in the general meeting in all cases and approval of Central Government in certain cases.
This Section applies both to Public as well as Private Ltd Companies. The main aim of this Section is to ensure that the directors who occupy a fiduciary position in the company should not misuse their position directly or indirectly. Section 314 of the Companies Act, 1956 prohibits appointment of Directors or their relatives or firm or companies in which Directors are interested to hold “ Office or Place of Profit” without approval of members in the general meeting in all cases and approval of Central Government in certain cases.
13 February 2012
Dear Mitesh Ji,
Thanks a lot.
Thanks a lot.
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