the company is a limited company. currently managing director proposes to resign from the directorship as well as MD and seeks to be appointed as employee of the company with a remuneration of Rs 500000 per month while his wife is proposed to be appointed as MD of the company. kindly advice whether approval of central government is required for such remuneration and if so please specify the ceiling limit and applicability of sec 314
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Sec 314 of companies Act
Replies (1)
Hi,
In your case a relative of an employee is going to be appointed as MD.
When you appoint Ex-MD as employee section 314 is not applicable.
Further let me know the proposed package of new MD to proceed further.
Regards
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