Director candidature deposit refundable only on election; perquisites capped and gratuity payable separately. A non retiring candidate for directorship or the member proposing him must deposit a fixed sum refundable only if elected and forfeited if unsuccessful. Perquisites are allowed in addition to salary/commission but subject to location based ceilings; employer contributions to provident, superannuation or annuity funds are excluded from that ceiling to the extent not taxable under income tax law. Gratuity is payable in addition to perquisites, limited to half a month's salary per completed year of service and subject to an overall cap.
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 candidature deposit refundable only on election; perquisites capped and gratuity payable separately.
A non retiring candidate for directorship or the member proposing him must deposit a fixed sum refundable only if elected and forfeited if unsuccessful. Perquisites are allowed in addition to salary/commission but subject to location based ceilings; employer contributions to provident, superannuation or annuity funds are excluded from that ceiling to the extent not taxable under income tax law. Gratuity is payable in addition to perquisites, limited to half a month's salary per completed year of service and subject to an overall cap.
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