Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

appicability of sec 297 and 299

Save Share

Join Us Follow Us Add as Source

This query is : Open

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2010 X is pvt limited company.Y is semi government organsiation i.e. MMRDA. Now MMRDA has appointed nominee directors on the board of the X. If some contract needs to be entered into by X with MMRDA pertaining to services provided by MMRDA. In such case whether nominee directors shall be considered as interested in this resolution as per sec 297 and 299 of the companies act,1956.

Ankur Garg

Ankur Garg (Expert)
Follow

14 July 2010 YES SECTION 299 IS APPLICABLE TO SUCH DIRECTOR AND REQUIRED DISCLOSURE U/S 299.

GOVT. COMPANIES ARE NOT EXEMPT FROM SECTION 299

WAIT FOR OTHER EXPERT OPINIONS.

THANKS

Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2010 Plz. note that MMRDA is not government company as per compnies Act and my question is for pvt. company's meeting and not MMRDA's meeting. In such case your answer remains same?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now