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TMI BlogConditions for appointment of managing/whole-time Director, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... atisfied only at the time of appointment. In case the appointee, after appointment, does not satisfy any of the said conditions, it will not debar the person concerned from continuing in office for the full tenure of his appointment. For example, as per clause (c), an appointee must not have attained the age of 65 years at the time of his appointment. If, for example, the appointment is made at th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 350 and 351 either during the financial year immediately preceding the year of appointment or during any of the three financial years out of four financial years immediately preceding the preceding financial year. Illustration - Where the appointment is made during the financial year 1990, approval of the Central Government is not necessary if the profits were adequate-- (1) during the financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8(1) and 309(3) determine the adequacy of profits with reference to managerial remuneration paid during the relevant year(s) specified in clause (f) and not with reference to the proposed remuneration payable in the year of appointment. In a case where no managerial remuneration had been paid during the relevant year(s), any profit earned by the company as computed in the manner laid down under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al remuneration subject to a cut of 10 per cent of the substantive salary laid down in Paragraph 2 of Part II read with Paragraph 2 of Part III of Schedule XIII.
(b) As indicated, vide Note (d) on "Notes" below Schedule VI, "long-term loans", for the purpose of "effective capital", would mean loans repayable after one year, whether secured or unsecured. X X X X Extracts X X X X X X X X Extracts X X X X
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