Mr Mahesh and Mr Somesh are relatives Mr Somesh has a pecuniary relationship with PQR Ltd to the tun...........

Companies Act-Phase (I & II) Directors - powers and appointment

Mr. Mahesh and Mr. Somesh are relatives. Mr. Somesh has a pecuniary relationship with PQR Ltd. to the tune of Rs. 6 Lacs (Including remuneration of Rs. 4 lac). His total income is 10 Lacs. Can Mr. Mahesh be appointed as an Independent Director of XYZ Ltd. (Subsidiary of PQR Ltd.)?

Yes

Yes, GM-SR

Yes, GM-UR

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Explanation:

Section 149(6)(c) who has or had no pecuniary relationship, other than remuneration as such director or having transaction not exceeding ten per cent. of his total income or such amount as may be prescribed, with the company, its holding, subsidiary or associate company, or their promoters, or directors, during the two immediately preceding financial years or during the current financial year;

By: Srishti Gupta

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Dhayamraju Siddhartha

Here the answer should be No. The remuneration is 4 lacs hence remaining financial relation is 2 lacs which is 20% of his total income which meant he is not eligible

Rahulsawan