29 April 2013
If an employee is appointed as a director in a private company, then will it be sufficient if SR is passed approving the said appointment or CG approval will also be needed?
The provisions of Companies Act, 1956 relating to the remuneration of directors is not applicable to private limited company. So the company is free to appoint through Board Meeting, subject to the Company's articles.
29 April 2013
One employee 'X' receives remuneration from the company. So if he is appointed as a director of that company, then sec 314 gets attracted. My query is will special resolution be sufficient in this case or approval of CG will also be required?
30 April 2013
On his appointment as a director of the company, he will not receive any remuneration other than what he was receiving as the employee of the company.
30 April 2013
Yes. Since section 314 is being attracted, so will it be sufficient if SR is passed in GM approving the appointment or CG approval will also be required?
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