Office of profit restrictions bar managing directors and immediate family from holding selling agent interests without government approval. Sanction for appointment or reappointment of managing or whole time directors or managers is to be conditional: they shall not, directly or through their wife and son or sons, augment their income from the company by association with selling agents; if approval is granted before selling arrangements are finalised, any subsequent appointment of a selling agent must not give the managing or whole time director or his wife, son or sons a direct or indirect interest without specific Central Government approval. Restrictions may be extended to other relatives if required.
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 restrictions bar managing directors and immediate family from holding selling agent interests without government approval.
Sanction for appointment or reappointment of managing or whole time directors or managers is to be conditional: they shall not, directly or through their wife and son or sons, augment their income from the company by association with selling agents; if approval is granted before selling arrangements are finalised, any subsequent appointment of a selling agent must not give the managing or whole time director or his wife, son or sons a direct or indirect interest without specific Central Government approval. Restrictions may be extended to other relatives if required.
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