Related party transactions

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prakash kumar (Querist)
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10 September 2012 Q1. If a company enter in to a contract with a proprietary concern for getting engineering services and after six months a proprietor of shch concern is become director in such company then Section 297 or 314 or any other section shall apply or not. Please guide me.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 September 2012 Contracts entered into with a person BEFORE he became a director in the company are NOT covered.

prakash kumar

prakash kumar (Querist)
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14 September 2012 Thanks a lot sir.
Q1. A director of hospital based company and his relatives who is doctor and provides medical related services in such company. He gets extra remuneration for such professional services in addition to directorship remuneration. The provisions contained in sec 297 or 314 or both or any other provisions will apply. Please guide me.

prakash kumar

prakash kumar (Querist)
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15 September 2012 Kindly give guidance for the following:
Q1. A director of hospital based company and his relatives who is doctor and provides medical related services in such company. He gets extra remuneration for such professional services in addition to directorship remuneration. The provisions contained in sec 297 or 314 or both or any other provisions will apply.

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