If in case we pay salary of more than Rs.50000 to any relative of director, then what are the rules and regulations we need to compliance with??
reply asap.
2 Replies
vishnupriya
(CA Final)
(1418 Points)
Replied 21 February 2011
Dear friend!
Sec 314 (1B) of the Companies Act, if the remuneration to specified persons exceeds 50000/- per month, the following 2 conditions are to be satisfied.
1. Special resolution by the members prior to the appointment
2.Proir approval of Central Govt.
CA Anshu Agarwal
(B€ @LW@¥$ ]-[@Pp¥)
(1832 Points)
Replied 10 March 2011
| Originally posted by : Vishnupriya | ||
 |
Dear friend! Sec 314 (1B) of the Companies Act, if the remuneration to specified persons exceeds 50000/- per month, the following 2 conditions are to be satisfied. 1. Special resolution by the members prior to the appointment 2.Proir approval of Central Govt. |
 |
in case of contravention: appointment shall be void, and remuneration received shall be refunded and no waiving off for this.
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