Prohibition against director holding Whether payment of guarantee commission or interest on loans to directors attracts sub section (1)

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....‑section (1) Query : Whether, under the circumstances, the guaranteeing of the company's credit account by directors can be said to be an office or a place of profit held by a director within the meaning of section 314(1) ? It may also be clarified whether payment of interest on temporary advances if it exceeds Rs. 500 or more [Rs. 10,000] per month would attract the provisions of section 3....