Companies Act, 1956-Clarification on directorship, perquisites and gratuity and contribution to provident fund, etc

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....ct, 1956-Clarification on directorship, perquisites and gratuity and contribution to provident fund, etc. The following clarification are hereby issued for information of your constituent members:- SECTION 257: In terms of section 257, as amended by the Companies (Amendment) Act, 1988, a person other than a retiring director proposing himself as a director, or any member proposing him for direct....

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....ary or Rs. 1,35,000 per annum, whichever is less. In the case of persons posted at other places, perquisites shall be restricted to an amount equal to the annual salary or Rs. 1,15,000 per annum, whichever is less. Category "B" Contribution to provident fund, superannuation fund or annuity fund will not be included in the computation of the ceiling on perquisites to the extent these, either sing....