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Declaration by directors in Form 24AA & 274(1) (g) (Corporate Law)

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This query is : Resolved


( Author )
14 March 2011

Hi,

can anyone tell me whether it is compulsory for director of private company to give abovementioned declaration every year. If yes, can you provide me with the simple format of of these declaration especially designed for private companies..


udit sharma

( Expert )
14 March 2011

Yes...it is mandatory for directors of both Private Limited and Public Limited Companies to give such declarations every year. The format is the same as given for Public Limited Companies.

God Bless

CS Udit Sharma


B.Chackrapani Warrier

( Expert )
14 March 2011

The purpose of section 274(1)(g) is to disqualify certain persons from directorship in public companies. See rule 1(3) of Companies (Disqualification of directors u/s 274(1)(g) of the Companies Act,1956) Rules,2003. In view of that, the said section is not applicable to a private limited company meaning thereby that its director's need not file declaration to that private limited company in which they are directors.


Sheetal

( Author )
14 March 2011

Warrier Sir,

den what about declaration in form 24AA?



udit sharma

( Expert )
14 March 2011

As per the provisions of section 274 of the Companies Act, 1956 a Person shall not be capable of being appointed as a Director of a Company(either Public or Private) if he suffers from any of the the disqualifications provided therein. Hence, in my opinion a person shall be disqualified to be appointed as a Director in a Private Company also if suffers from the disqualification provided in section 274(1)(g).

With due respect to warrier sir, i want to ask that whether in his opinion if a person who suffers from disqualification stipulated under section 274(1)(g) can be appointed as Director of an Independent Private Company??????

Moreover as per the provisions of section 227, it is the statutory duty of a Statutory Auditor to disclose in his report to the members that whether any director of the Company suffers from the disqualifications stipulated under section 274(1)(g), so they will also insist that u better obatin such declaration every year from every Director of the Company.

God Bless

CS Udit Sharma


Pravin Gupta CS

( Expert )
15 April 2011

In my view. sec. 274(1)(g) not applicable on private companies . so no need to file any decelaration under this sec. by directors of private company.

So m going with warrier sir openion...


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