SEC 301

This query is : Resolved

Guest

Guest (Querist)

22 August 2009 Whether loan taken from director is covered under sec 301 and if yes what are the reporting requirement under sec 301 & As-18

Ankur Garg

Ankur Garg (Expert)
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22 August 2009 Hi,

Yes. It is very much required to be disclosed. In teh above case dir is interested under section 299.

Entry in Section 301 register desired where section 297 and 299 is attracted. So if a director is directly or indirectly interested in a contract disclosure u/s 299 is required and accordingly entry is required to be made in Section 301 register.

Regards

Ankur Garg

Ankur Garg (Expert)
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22 August 2009 If your company is a public company then in that case taking of loan from dir would be equal to acceptance of public deposit and u have to comply with Section 58A and deposit rules.

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