Section 314(1b) and its implemention

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Harvinder kumar (Querist)
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03 February 2012 Dear Sir,
Kindly pay attention to following query.

Eg. Mr.A, director of company, wants to appoint his Mr.B, his son, in the company. He appoints Mr.B on consultancies service paying fees of Rs.50000/- p.m.

Mr. B is chemical Engineer and the the company, in which is being inducted as consultant, is also doing business, in which chemicals are used.

1. Whether he will fall under section 314 (1B)? However he is appointed monthly basis and entitled have fees, so is that fall under the remuneration or any thing?

2.What procedure to be followed.

3.If declaration is to be made u/s 314(2A), May I get the format of it.

Looking forward to your kind reply.

Thanks and Regards,
Harvinder

Guest

Guest (Expert)

04 February 2012 1. Yes, Section 314 (1B) is applicable.

2. Pass special resolution and file form 23 with ROC.

3. Declaration applicable in this case. There is no format to my understanding of the same. You can draft is suitably mentioning relation with the director.

Thanks

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