Sec. 299
This query is : Resolved
08 February 2010
Dear Sir,
A Ltd (5 lac pu capital) contracts with B Ltd. (5 lac pu capital).
Mr.P is one the directors of A Ltd.(He is not director of B Ltd.)
Mrs.S is mother of Mr.P and she holds 5% holding in B Ltd.(She is not director of B Ltd.)
Has Mr.P disclose this in Board Meeting.
Regards,
Vignesh.J
A Ltd (5 lac pu capital) contracts with B Ltd. (5 lac pu capital).
Mr.P is one the directors of A Ltd.(He is not director of B Ltd.)
Mrs.S is mother of Mr.P and she holds 5% holding in B Ltd.(She is not director of B Ltd.)
Has Mr.P disclose this in Board Meeting.
Regards,
Vignesh.J
Ankur Garg
(Expert)
08 February 2010
Yes.
Disclosure of interest in the transaction from Mr. P is required due to the language of sub-section (6) of section 299.
Disclosure of interest in the transaction from Mr. P is required due to the language of sub-section (6) of section 299.
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