Mohan (Accounts Mgr) (209 Points)
09 October 2012Hi Frndz, Ours is a Pvt Ltd Co., and our M.D having Shares more than 30% in another Pvt ltd Co.,
My question: Is there any disclosure required under AS-18 / any compliance required under Sec.297 of Companies Act
in the "Notes on Accounts" of Company's Annual Report for the year 2011-12. - Pl clarify?
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 09 October 2012
AS -18 requires disclosures of transaction with related parties during the reporting period ......And MD is related person as defined under a clause of Section 2 of the Companies Act,1956.
CA Abhilasha Bhagat
(ACA)
(466 Points)
Replied 09 October 2012
In your case, Transactions of your co. with M.D. and that another co. needs to be disclosed.
CAclubindia
