https://www.taxtmi.com/caselaws?id=342850 The Tribunal found violations of Section 314 of the Companies Act, 1956 regarding excessive salaries to relatives of directors. It held that statutory violations cannot be waived and directed recovery of excess payments unless a waiver is obtained. The appointment of managing directors was upheld based on experience and proper approval processes. The petitioners' claims regarding improper director appointments, retirement benefits, business decisions, and subsequent events were dismissed. The respondents were directed to buy out the petitioners' shares at a fair value determined by an independent valuer, with other reliefs declined. en-us Wed, 01 Mar 2017 00:00:00 +0530 Sat, 13 May 2017 08:41:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342850 The Tribunal found violations of Section 314 of the Companies Act, 1956 regarding excessive salaries to relatives of directors. It held that statutory violations cannot be waived and directed recovery of excess payments unless a waiver is obtained. The appointment of managing directors was upheld based on experience and proper approval processes. The petitioners' claims regarding improper director appointments, retirement benefits, business decisions, and subsequent events were dismissed. The respondents were directed to buy out the petitioners' shares at a fair value determined by an independent valuer, with other reliefs declined. Case-Laws Companies Law Wed, 01 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342850