Disclosure of interest by director
This query is : Resolved
25 September 2009
If pvt. ltd. co. gives advance to HUF for purchase of property of HUF and director shareholder holding more than 20% share in co. is karta of HUF, then is this covered u/s 297 or 299 of Co. Act. What resoltuion is required for the same.
25 September 2009
Hello,
Section 297 is not applicable as section 297 is not talking about HUF.
However section 299 and 300 are 100% applicable. Director need to disclose his interest in the board meeting considering the proposal.
Also he can't count in quorum and can't vote u/s 300.
Regards
Section 297 is not applicable as section 297 is not talking about HUF.
However section 299 and 300 are 100% applicable. Director need to disclose his interest in the board meeting considering the proposal.
Also he can't count in quorum and can't vote u/s 300.
Regards
25 September 2009
Agree with you.
If you are a purely private company then your director is free from the restriction of section 300.
Regards
If you are a purely private company then your director is free from the restriction of section 300.
Regards
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