Whether appointment of sole selling agents could be regarded as an office of profit within the meaning of sub section (1)

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..... 8209;section (1) In the course of scrutiny of prospectuses issued by public limited companies and while scrutinising applications received from companies for approval to the appointment of managing or whole‑time directors by such companies it has been noticed that some of these companies have appointed as sole selling agents firms or private limited companies in which directors including th .....

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..... elatives of the managing or whole‑time directors. The Department has been considering this problem for some time past and pending a suitable amendment to the Act it has been decided that where selling agency arrangements already exist, a condition would be imposed at the time of conveying sanction to the appointment/reappointment of managing or whole‑time director or manager, as the c .....

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