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

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..... ed limit under rule 10C of General 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 relativ .....

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..... Gazette of India, Extraordinary, dated 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 specia .....

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