Office of profit: director acting as manager and secretary is treated as holding office of profit, invoking managerial remuneration rules. A director who performs manager and secretary functions for remuneration is, in substance, a managing director and holds an office of profit in the capacity of secretary; the statutory provision on office or place of profit does not apply where the director is effectively a managing director, and the statutory framework for managerial appointment and remuneration instead governs.
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.
Office of profit: director acting as manager and secretary is treated as holding office of profit, invoking managerial remuneration rules.
A director who performs manager and secretary functions for remuneration is, in substance, a managing director and holds an office of profit in the capacity of secretary; the statutory provision on office or place of profit does not apply where the director is effectively a managing director, and the statutory framework for managerial appointment and remuneration instead governs.
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