314

Asha (Querist) 28 December 2011 This query is : Resolved
Dear Expert,
A managing director drawing salary exceeding the limits of Schedule XIII without the approval of central government,is Section 314(1) applicable in this case????What are the consequences in this case?

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Sailesh Kumar Shah (Expert) 28 December 2011
Read section 269 of the companies act to know consequences.

R.Ramachandran (Expert) 29 December 2011
Dear Asha,
I am now more than convinced that you are putting academic queries here.
I would advise you to better consult your teachers / lecturers instead of posting such academic queries here.
Better stop.
I for sure will not attend to your queries since I am more than convinced that all your queries are academic in nature and not real time problems at all.

B.Chakrapani Warrier (Expert) 30 December 2011
The concerned section is 314(2) of the Companies Act,1956.
Consequences are:-
i) Deemed vacation of the office.
ii)Liable to refund the remuneration received or the money equivalent of the any perquisite or advantage enjoined by him / her.

Asha (Querist) 30 December 2011
thanks a lot chakrapani and shah sir for reply ....

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