At, High Court of Judicature at Madras
By, THE HONOURABLE MR. JUSTICE RAMASWAMI & THE HONOURABLE MR. JUSTICE SINGARAVELU
G.Kathirvelu, for Appellant.
Judgment Text
V. RAMASWAMI J.
We are in agreement with the learned judge on the interpretation of section 309(7) of the Companies Act. The provision does not prohibit renewal within a period of five years. The proviso relied on by the learned counsel also does not in any way help the learned counsel for the appellant because in this case the original resolution fixing maximum remuneration at Rs. 15, 000 per year came into force on June 12, 1980. The second resolution passed increasing the maximum to Rs. 30, 000 was only made on December 30, 1982, i.e., more than one year from the date on which the earlier resolution came into force. Therefor
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e, there are no merits in this case. The appeal is accordingly dismissed.
