11 October 2010
PLZZZZZZZZ TELL ME WHAT IS INCLUDED IN REGISTER U/S 301 OF THE COMPANIES ACT 1956.IS IT EACH AND EVERY TRANSACTION OF LOAN GIVEN OR TAKEN BY DIRECTORS OR THEIR RELATIVES OR THERE ARE OTHER CONDITIONS?????
11 October 2010
The Act or the Rules do not prescribe any form for keeping the register u/s 301. The Register may be kept with the following columns:
PART A: Particulars of Contracts and Arrangements
(1) Date of entry (2) Date and No. of Contract or Arrangement (3) Names of parties to the contract or arrangements (4) Particulars of Contract or arrangements and principal terms and conditions (5) Date on which the contract was placed before the Board for approval (6) Name/s of Director/s concerned or interested in the Contract or arrangement (7) Nature of concern or interest (8) Directors voting for and against the Contract or arrangement (9) Signatures of Directors
PART B: Firms and bodies corporates of which directors have given notice
(1) Name of body corporate firm (2) Nature of interest or concern (3) Date of Notice (4) Date of Board meeting at which notice was placed
However, since section 301 requires that the entries should be made, in respect of contracts or arrangements, to which section 297 or section 299 applies, it would be advisible to split the register in 2 parts. In the 1st Part, the particulars of disclosure made by the directors u/s 299(3) will be recorded chronologically , and in the 2nd Part, particulars of the contract and arrangements falling u/s 297 and 299 will be recorded.