Director’s Relative (Office or Place of Profit) Rules, 2011.

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....he Companies Act, 1956, the Central Government hereby makes the following Rules in supersession of the earlier Notification No. G.S.R. 89(E), dated 5-2-2003, namely:- Short Title and Commencement 1. (1) These rules may be called Director's Relative (Office or Place of Profit) Rules, 2011. (2) They shall come into force on the date of their publication in the Official Gazette. Applicabi....

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.... Director, or Manager and is appointed as an Advisor or Consultant and paid remuneration including commission on periodical basis. 4. Selection of Relatives of Directors and Directors to Hold a Place of Office/Profit:-   (a)  The selection and appointment of a relative of a Director for holding office or place of profit in the company with a salary exceeding Rs. 2,50,000 per month ....

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.... The application under rule 3 shall be examined with respect to the following, in addition to all other requirements under the Companies Act, 1956:-   (a)  In the case of individual appointee, an undertaking from him that he/she will be in the exclusive employment of the company and will hold a place of profit in any other company.   (b)  The monetary value of all allowan....