Related party contract

This query is : Resolved

siddhi08 (Querist)
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23 February 2012 Dear All..........

On 2nd june 2011 the Board of a Company approved a contract to which sec. 29 is applicable. The Contract is for purchase of goods from Y Pvt. Ltd. However the actual contract was never executed should entry be made in 301 Register…?

Please give solution/comment...

Thanks & Regards,
Siddhi

Ajay Mishra

Ajay Mishra (Expert)
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24 February 2012 Hi

If the contract is such as approved by the Board and in both company the director is common then entry in register of director will be made.

siddhi08

siddhi08 (Querist)
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25 February 2012 hi... Ajayji

but the actual contract was never executed.....
then only d entry require...

thanx...
siddhi

Ajay Mishra

Ajay Mishra (Expert)
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25 February 2012 If contract is not executed then the entry in the register is not required.

siddhi08

siddhi08 (Querist)
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25 February 2012 thanks ajayji.....

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