Hi...

My query is .....

Suppose there is a Company say A Ltd. having 3 Directors namely, Mr. A, Mr. B and Mr.C. Now, Mr.B is also a Director in B Pvt.Ltd.

Now, A Ltd. proposes to enter into a contract with B Pvt. Ltd. for purchase of goods. Pursuant to the provisions of section 297 of the Companies Act, 1956 previous consent of the Board of Directors has to be obtained.

On the Board Meeting held on 27.04.2010, the said proposal is placed before the Board for obtaining the consent of the Directors.

Now, My Query is as per section 300 of the Companies Act, 1956 an interested Director shall not participate in the discussion nor shall be entitled to vote on the resolution for approving the contract and neither shall be counted for the purpose of determining a requisite quorum, so ......

(a) If Mr. B is only a Director in B Pvt. Ltd. and is not holding any shares of the said company, can he be considered as interested in the said contract? Will he be entitled to vote on the reolution to be passed for approving the contract with B Pvt. Ltd.?????

(b) Does merely being a Director of B Pvt. Ltd. will bring him under the ambit of the term 'Interested Director' and by virtue of this his presence shall not be coounted for the purpose of forming a quorum?????

In my opinion, only if Mr. B is holding more than 2% of the paid up capital of B Pvt. Ltd., he will be considered as 'Interested Director'.

Request to eminent experts to please throw some light on my query?????? Please.....

God Bless

Udit Sharma

As Per Gratuity Act.After Completion of 5 Years it is Responsibility of Employer to Give Gratuity to there Employee if They Resign/Leave/Terminate that is compulsory/additional Benefit of Employee for there long term Service.
But Some Company Deduct Gratuity from employee Salary & Show it is Part of C.T.C.
So,Is it legal and if Where it is Defined.
Because Legally if Employee Leave/Terminate Service Before 5 year a company not liable to pay Gratuity.
Whet Will Do If it is Illegal?
If Legal then any benefit for employee when resign/terminate before 5 year.
Or any other Benefits for deduction Gratuity from employee salary.

Please Advise.

Hi All,
My company has taken a term loan from a bank, now form 8 is to be filed for creation of charge. Loan documents have been executed by two of our company directors jointly. Please let me know that affixing digital signature of only one of the directors is sufficient or not?

can pvt. ltd. co. give loan and advances to relative of director ?

in our co. ,director having more than 10% share capital of the co.loan granting to relative, who is not shareholer of the co, @10% int. for his personal purpose.no any single rupee or any indirect benefit will trf to director.

will it come under deemed dividend U/s 2(22)(e) of IT act ?

Sir/Ma'am,

We filed Form 8 after 386 days of delay and we haven't approached CLB for condonation of delay. Now we filed Form 8 for fresh charge, we received system generated mail where it says "showing status as Work in progress" though we received payment confirmation a week ago.

Now what I supposed to do? Do I need to approach CLB for condonation of delay? If it so whats the procedure? or Is there any other way of doing?

Looking forward your reply.

Please ASAP...

Thanks in Advance...

Dear Experts,

can u mail me the main object for
1. animation business and
2. Retail Support business

Thanks in advance,

S.Narayanan

narayanasamy2006@gmail.com

Can somebody please explain me the difference between preferntial allotment and private placement of shares....?????

Regards

Udit Sharma

Our client wish to Open a Company outside India.


Query :

1.Who are the Regulatory Persons?

2.What are the Acts we have to follow?

3.What are the Procedures or Forms to be filed with Whom?

4.Shall we send Rs.37lacs as Share Capital
from now.(India).and its implifications.

Kindly reply.

Hi, some one help me regarding ESI Smart Card.

Respected Expert,

Is there any option for an employee not to opt for PF?

As per my knowledge if monthly income is more than Rs 6500/- an employee can opt not deductiong PF.

What will be the situation if company was deduction PF during previous yr but during current year employee decided not to deduct PF because of above option?

Regards