Disclosure u/s 299 and 274(1)(g)

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Priya (Querist)

11 June 2013 Dear Sir/ Mam

the disclosure u/s 299 and 274(1)(g) should be obtained from all directors as on March 31, 2013?

OR

it should also include directors who resigned in june 2012 (since for such director, company holds declaration only upto March 2012)

Pls advice

Ankit

Ankit (Expert)

11 June 2013 Dear Sakshi,

the disclosures are for the forthcoming year and not for the past year.

So, since the disclosure was only valid upto 31/3/12, a fresh one should be obtained on 1/4/2012 which will have effect till 31/3/2013.

Priya

Priya (Querist)

11 June 2013 Sir, in case the board meeting for FY 13-14 is in month of june 2013, which declaration should be placed

a)dated 31/3/13 or
b)dated 31/3/14

Ankit

Ankit (Expert)

11 June 2013 As i said, the declarations are for the year to come. hence, in the BM of June 13, you will be placing the disclosure as on 01/04/2013. this disclosure, will now be valid for 1 year...that is upto 31/03/2014.

and the declaration of 1/4/2014 (for the yr. 14-15) will be placed in the bm to be held somewhere in june 14

Priya

Priya (Querist)

11 June 2013 thanks a lot sir for your reply.

basically, in the company, i have noted that directors have given consent for 12-13 dated 31/03/2012.

which i believe should have been taken by past CS on dated april 1, 2012. pls correct me if am wrong.

Ankit

Ankit (Expert)

11 June 2013 you are welcome..basically the disclosure states that, since the director has not been a part of the violation as on 31/03/2012, and thus he could continue as a director..

so now you can take a fresh disclosure as on 1/4/2012 for the year 12-13. then your problem will be solved since the new disc will be valid at the time of the retirement

CS Ankur Srivastava

CS Ankur Srivastava (Expert)

12 June 2013 The disclosure under section 299 and 274(1)(g) are the advance annual disclosure.

Disclosure under section 299 is obtained in the month of March every year and 274(1)(g) in the month of April in the New financial year.

The disclosure is to be taken from the directors who are on the board on the date of disclosure.

Priya

Priya (Querist)

12 June 2013 Thank you Sir. But what is the practice since incorporation has been to obtain declarations dated 31 march of every year though the same is taken for year ahead.

Is it a wrong practice or a company's policy. Is there any way to rectify the same

CS Ankur Srivastava

CS Ankur Srivastava (Expert)

12 June 2013 Ya in case of disclosure under section 299 it is correct, however, the disclosure under section 274(1)(g) need to be obtained after the expiry of every year i.e. after 31st March.

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