Who is interested party?
This query is : Resolved
28 February 2015
there are 3 directors in the PUBLIC UNLISTED company
1.MANAGING DIR
2.WHOLE TIME DIR
3. NON EXECUTIV DIR
NON EXECUTIVE dir is the wife of whole time director.
and DUAGHTER IN LAW of managing director
In Board meeting we want to increase the remuneration of NON EXECUTIVE DIRECTOR under place of profit,
NOW QUESTION IS
whether MD AND WTD would CONSIDERED AS INTERESTED PARTY
CAN WTD AND MD be a part of quorum and cast a vote or not?
1.MANAGING DIR
2.WHOLE TIME DIR
3. NON EXECUTIV DIR
NON EXECUTIVE dir is the wife of whole time director.
and DUAGHTER IN LAW of managing director
In Board meeting we want to increase the remuneration of NON EXECUTIVE DIRECTOR under place of profit,
NOW QUESTION IS
whether MD AND WTD would CONSIDERED AS INTERESTED PARTY
CAN WTD AND MD be a part of quorum and cast a vote or not?
28 February 2015
As per section 174 (3) read with Section 184(2) they are not interested directors in your case.
Yes both can be a part of quorum.
Yes both can be a part of quorum.
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