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of <h1>Guarantee Commission for Directors Not Classified as Remuneration: 1969 Circular Withdrawn After 1984 Court Ruling.</h1> The circular addresses the classification of Guarantee Commission paid to directors as remuneration. Initially, a 1969 circular classified such payments as remuneration under section 309(1) of the Companies Act, 1956. However, a 1984 Delhi High Court ruling in Suessen Textiles Bearings Ltd. v. Union of India determined that Guarantee Commission paid for directors standing as surety for company loans was not remuneration, thus not requiring Central Government approval. Consequently, the Department decided to withdraw the 1969 circular, aligning with the court's interpretation.
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