Hi,
Mr X son of Director holds technical qualification from U.K and is appointed as employee in Holding company with a remuneration of Rs.55,000/- p.m
Mr X is also a Director in the Subsidiary company. Can he receive remuneration from this company also.
Now the query is whether section 314 is applicable. Please clarify
Yes. Section 314 will be applicable and you have to pass special resolution and take central govt' approval before appointing him in the COmpany as his remuneration is >20000, for holding company
Also he can be appointed as Director in subsidiary company with remuneration
Completely agree with Jagruti.
Limit is Rs.50,000 now for CG's approval.
Malhotra Rajesh & Associates
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