What is use of section 314 of companies act

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prakash kumar

prakash kumar (Querist)
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11 February 2012 Dear all,

Please elaborate the section 314

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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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.

prakash kumar

prakash kumar (Querist)
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13 February 2012 Dear Mitesh Ji,

Thanks a lot.

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