Applicabily of section 299 of Companies Act, 1956
This query is : Resolved
CS Riyanka Jain
(Querist)
02 November 2009
If a director of Public Co. is a member of Co-operative society also, whether section 299 will be applicable on him or not??
02 November 2009
Yes applicable.
CS Riyanka Jain
(Querist)
02 November 2009
Thanx for ur reply sir, but its nowhere specified in section 299, then how to resolve it??
02 November 2009
Pl have a re look at section 299(1). The words used are, in any way,whether directly or indirectly, concerned or interested. That means the widest possible application of the section is intended.
Ankur Garg
(Expert)
04 November 2009
Agree with Sir.
Section 299 is applicable and disclosure of interest is required only when company is entering into any transaction with such co-operative society.
Regards
Section 299 is applicable and disclosure of interest is required only when company is entering into any transaction with such co-operative society.
Regards
CA Ravi Sisodia
(Expert)
11 November 2009
agree with Both of sir.
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