06 May 2015
IS IT MANDATORY TO REFUND THE DEPOSIT OF RS 1 LAKH TO DIRECTOR AFTER HE GETS REGULARISED AT THE AGM. CAN THE DEPOSIT BE FORFEITED BY THE COMPANY
In case the candidate is appointed as director at the general meeting, or he gets more than 25% of valid votes cast, the deposit amount has to be refunded by the company to the concerned person. Otherwise, the deposit is to be forfeited by the company. General Circular No. 38/2O14
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