TaxTMI 
TaxTMI 
1983 (10) TMI 196
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...., benefit of employer's contribution to the provident fund, encashment of unavailed leave, bouns as admissible to other employees of the company. A resolution to this effect was passed at the extraordinary general meeting of the members of the respondent company held on October 28, 1974. He was then described as commercial manager with the same scale of pay and other perquisites. From 1977-78 to 1981-82 he was paid the amounts as under : 1977-78 1978-79 1979-80 1980-81 1981-82 (a) Salary 27,000 28,000 30,000 34,500 34,453 (b) Reimbursement in Lieu of privilege &n....
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....tive of a director or manager shall hold any office or place of profit in the company which carries a total monthly remuneration of not less than Rs. 3,000 except with the prior sanction of the company by a special resolution and the approval of the Central Govt. Section 314(2C) further provides that if any office of profit is held in contravention of the provisions of the proviso to sub-section (1B), the director, relative or manager concerned shall be liable to refund to the company any remuneration received or the monetary equivalent of any perquisite enjoyed by him. The case of the petitioner has been that he did not know that the company had not taken the approval of the Central Govt., and that he was throughout under the impress....
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....ssion "officer", and elaborates that it includes manager as well. The petitioner as marketing manager can as such be treated as an officer of the company entitled to seek protection under section 633. Section 217 of the Companies Act requires attachment to every balance-sheet laid before a company in general meeting, a report by its board of directors which shall include the name of every employee who was in receipt of remuneration in aggregate of not less that Rs. 36,000. The term " remuneration " here is assigned the same meaning as given in the Explanation to section 198. That Expln. to section 198 reads as under : "Explanation.-For the purposes of this section and sections 309, 310, 311, 348, 352, 381 and 387, " remuneration" shal....
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....r provision is based on the total remuneration which an officer of a company may get from month to month. The emphasis is thus not on what he gets on the whole in a year, but on his monthly remuneration. The reference, therefore, by the Registrar of Companies to the total yearly earnings exceeding Rs. 36,000 is misplaced. The query has to be directed towards his monthly emoluments. The word "monthly" necessarily connotes anything taking place once a month, relating to a month, payable every month, based on a month, having a duration of one month, occurring, appearing or being made done or acted upon every month or once a month. No other implication has been stressed. Considered in this context, the payment of bonus, reimbursement in lieu of....