Office or place of profit - Prohibition against director holding - Prescribed limit under rule 10C of General Rules and Forms

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... eral Rules and Forms The provisions of section 314 of the Companies Act, 1956 impose certain conditions which govern appointment of a director, his relative or partner or relative of a partner, etc., to an office or place of profit in the company. In terms of these provisions and the notification issued thereunder by the Central Government, no director, his relative or partner, etc., could hold a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ated 1‑3‑1994, revised the aforesaid limits to Rs. 10,000 p.m. and Rs. 20,000 p.m., respectively. As a result of the notification, consent of the company by special resolution would be needed for appointment of a director, his relative, partner, etc. only if the remuneration payable is Rs. 10,000 p.m. or more and prior consent of the company by special resolution and approval of the Ce .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X