Dear Members,
Its becoming very diffucult to interpret section 314. There is a situtation that Mr.A who is a director in the holding Company X Ltd and also in its subsidiary Company Z.
Keepin section 314 in mind sitting fees or any remuneration cannot be paid to the above director Mr.A from the subsidiary, even if paid he will hav to return it the holding Company UNLESS special resolution is passed.
but we want to pay from subsidiary also.
So can anyone please tell me exactly what resolurion will be passed by the Holding Company and Subsidiary.
Bkoz the special resolution mentioned above is to be passed in the Holding Company or the subsidiary Company??????
and if i m goin wrong anywhere please correct me
regards,
Mayuri Lal
CAclubindia
