Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Director eligibility for fund benefits depends on whole-time employment and limited shareholding ownership. A director of a company may receive benefits from the fund only if the director is a whole-time bona fide employee and does not beneficially own shares carrying more than 5% of the company's total voting power. The rule makes fund admission for directors conditional on both active employment status and limited shareholding, thereby excluding directors who do not satisfy these eligibility requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Director eligibility for fund benefits depends on whole-time employment and limited shareholding ownership.
A director of a company may receive benefits from the fund only if the director is a whole-time bona fide employee and does not beneficially own shares carrying more than 5% of the company's total voting power. The rule makes fund admission for directors conditional on both active employment status and limited shareholding, thereby excluding directors who do not satisfy these eligibility requirements.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.