Say, X Pvt. Ltd. having 3 Director (Father and Two son's) paid monthly salary (i) of Rs 1.3 Lacs per month to 1 of our Director's wife (ii) of Rs. 2.6 Lacs per month to another Director's Wife (i.e Director;s wife is a related party) from the F.Y 11-12, 12-13, 13-14, 14-15 and till now.
As per Co.s Act 1956 :-
Sec-314 (1) person cannot hold place of profit carrying the remuneration of Rs. 10,000 P.M or more in the Company unless SR passed in the GM.
And As per Sec 314(1B) person cannot hold place of profit carrying the remuneration of Rs. 2,50, 000 P.m or more in the Company unless SR passed in the GM and Prior approval of Central Government is required.
Company had passed only SR in the GM as per section 314(1) of the Co.s Act 1956.
My Query -Director's Related party drawing salary from 2011 & till now,
So my query is in this case Section 188(1) (f) is applicable? Section 188(1) (f) of the Companies Act 2013 came into effect from 01.04.2013. Is any compliance required to be done by the company under Companies Act 2013??
OR
Since the Director’s wife were drawing salary from F.Y 2011-12, i.e, before commencement of Companies Act 2013, therefore no compliance is required under Companies Act 2013.
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