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.
Ankur Garg
(Expert)
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
Ankur Garg
(Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- Ito add credit side of bank
- GSTR9 Annual Return
- Applicability of tax on invoice
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Import of Capital Machine
- Capital gain on commercial property and investment in residential property
- Form 144 TDS Return Validation error
- Form 144 TDS Return Validation Error – Mandatory Fields
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
