Hey Guys,
A managing director drawing salary exceeding the limits of Schedule XIII without the approval of central government,is Section 314(1) applicable in this case????What are the consequences in this case?
Regards,
Aditya
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Section 314(1)
Replies (3)
Read section 269 of the companies act to know consequences.
The concerned section is 314(2) of the Companies Act,1956.Consequences are:-
i) Deemed vacation of the office.
ii)Liable to refund the remuneration received or the money equivalent of the any perquisite or advantage enjoined by him / her.
But schedule XIII says dat in case of contravention of schedule XIII,the director has to refund the excess remuneration received by him.nw in this case if he refunds the remuneration,is he required to vacate his office under section 314?
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