Prohibition against director holding ‑ Certain persons not to hold place of profit which carries monthly salary of Rs. 3,000 and more

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..... not to hold place of profit which carries monthly salary of Rs. 3,000 and more Reference may be made to Circular No. 14/75, dated 5‑6‑1975 [printed as Clarification 1]. Some doubts had been raised regarding the application of sub‑section (1B) of section 314 to an individual who is a partner or relative of a manager or director of a private company appointed as managing or .....

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..... ion 309 in terms provides that the remuneration payable to a director of a company, including any managing or whole‑time director, shall be determined in accordance with and subject to the provisions of section 198 and that section, namely, section 309. It, therefore, follows that the remuneration paid to the managing or whole‑time director is remuneration to which he becomes entitled .....

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