sec 141 of co. act 2013

ashok kabdal (article) (107 Points)

20 January 2018

Mr A auditor of ABC co...XYZ is subsy of ABC co...Mr B is relative of Mr.A...Can Mr B hold security/interest in XYZ. If yes then upto what limit.

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8 Replies

Palak Rawal (Student CA FINAL) (388 Points)
Replied 20 January 2018

Yes Mr.B can hold security in XYZ ltd upto face value not exceeding one lakh rupees.

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Rishu Raj (2 Points)
Replied 21 January 2018

why notice should be sent 21 days before AGM

ashok kabdal (article) (107 Points)
Replied 21 January 2018

@ Rishu Raj 21 days are clear 21 days which gives time to members to get prepared for GM..co. may send notice of GM even longer period than 21 days.

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Pardeep Garg (CA-Final Student) (801 Points)
Replied 21 January 2018

Sorry @ Palak, Mr.B can hold security in ABC upto ₹1,00,000 of face value, not in XYZ, subsidiary of ABC.

ashok kabdal (article) (107 Points)
Replied 21 January 2018

@ pradeep I do think so..my doubt is can Mr B hold any amount of security in subsy of ABC.

Pardeep Garg (CA-Final Student) (801 Points)
Replied 22 January 2018

No,he can't so.

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ashok kabdal (article) (107 Points)
Replied 22 January 2018

@ Pradeep ..any proof on your opinion..if you wants to give

Pardeep Garg (CA-Final Student) (801 Points)
Replied 27 January 2018

first proviso to sec.141(3)(d)(i).

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