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Amendment of section 149.

Rule 46 - Bills - Bill - Rule 46 - 46. In section 149 of the principal Act,- (i) for sub-section (3), the following sub-section shall be substituted, namely:- "(3) Every company shall have at least one director who stays in India for a total per .....

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ncorporated."; (ii) in sub-section (6),- (a) in clause (c), for the words "pecuniary relationship", the words "pecuniary relationship, other than remuneration as such director or having transaction not exceeding ten per cent. of h .....

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holding, subsidiary or associate company during the two immediately preceding financial years or during the current financial year: Provided that the relative may hold security or interest in the company of face value not exceeding fifty lakh rupees .....

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ors, in excess of such amount as may be prescribed during the two immediately preceding financial years or during the current financial year; (iii) has given a guarantee or provided any security in connection with the indebtedness of any third person .....

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