priyanka manawat (service) (138 Points)
02 January 2010One of the female employee of the company got married to Managing Director's son in December,2009. She was appointed in the company in the month of October,2009 at a salary of Rs. 45000 p.m. Now since she has become relative of Managing Director is section 314(1)(b) will be applicable or not. kindly advise.
CA PALLAVI VOHRA
(Learner)
(140 Points)
Replied 02 January 2010
Hi Priyanka,
Special resolution needs to be passed in the present case as only the employees -relatives already in office before the director becomes director are covered by exemption u/s 314(1A).
The case has been answered by dept. also.U can refer "A Ramaiya's Book volume 2 page no.3071 for the same.
umesh vyas
(B.Com., LL.B., A.C.S. )
(210 Points)
Replied 03 January 2010
yes, law requires to get approval of members in form of special resolution u/s.314 (1) (b). exception is appointment u/s408 by the Central Government.
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