Please give clarification
Is sec 314 will apply to private ltd company
5 Replies
vivek
(CS)
(751 Points)
Replied 17 July 2010
Section 314 is applicable to all the Companies equally no exception has been provided in the section for Pvt. Ltd. Compny, whether it covers in several places the relative of Director of a Pvt. Ltd. Company specificaly. For Example:-
7[(1B) Notwithstanding anything contained in sub-section (1),—
(a) no partner or relative of a director or manager,
(b) no firm in which such director or manager, or relative of either, is a partner,
(c) no private company of which such a director or manager, or relative of either, is a director or member,
shall hold any office or place of profit in the company which carries a total monthly remuneration of not less than [such sum as may be prescribed], except with the prior consent of the company by a special resolution and the approval of the Central Government:
Nitin Grover
(CS)
(1228 Points)
Replied 17 July 2010
Dear Malli and Nag
In Short yes its applicable on Pvt Ltd.
Regards
Yogesh Bhatt
(Company Secretary)
(475 Points)
Replied 17 July 2010
| Originally posted by : Nitin Grover | ||
 |
Dear Malli and Nag In Short yes its applicable on Pvt Ltd. Regards |
 |
malli and Nag
(CA)
(119 Points)
Replied 17 July 2010
ok friends
if the director taking no remunaration
But he receives other consultant fee or rent or contractor etc
than 314 place of profit will apply
vivek
(CS)
(751 Points)
Replied 17 July 2010
Irrespective of remuneration 314 will apply in all cases.
Others views solicited.
Regards,
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