https://www.taxtmi.com/caselaws?id=100285 The court ruled that the guarantee commission paid to directors for standing as sureties did not constitute remuneration for services rendered under section 309 of the Companies Act, 1956. Approval from the Board was deemed unnecessary for such payments, and the order demanding approval was quashed. The judgment emphasized the distinction between remuneration for services and payments made for assuming financial liabilities, providing clarity on the application of section 309. en-us Mon, 14 Nov 1983 00:00:00 +0530 Tue, 31 Jan 2012 18:00:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100285 The court ruled that the guarantee commission paid to directors for standing as sureties did not constitute remuneration for services rendered under section 309 of the Companies Act, 1956. Approval from the Board was deemed unnecessary for such payments, and the order demanding approval was quashed. The judgment emphasized the distinction between remuneration for services and payments made for assuming financial liabilities, providing clarity on the application of section 309. Case-Laws Companies Law Mon, 14 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100285