Dear All,
The brief facts of my case is as below:
Mr. A was a MD of XYZ Ltd and his son Mr. B was WTD.
Mr. A stepsdown as MD and is redesignated as NED whereas his son Mr. B is redesignated as MD. Further, it is proposed to pay Mr. A who is now a NED consultancy fees (amount would be more than Rs. 250000 p.m.). Kindly advice whether only SR in General meeting is enough or CG approval is also required considering(sec 314 1B) the fact that he is also a Relative of a Director (father of present MD).
CAclubindia
