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sec 301

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(Querist)
31 July 2009 whether loan taken from director will be entered in Register maintained u/s 301?
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Ankur Garg

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Ankur Garg (Expert)
31 July 2009 Hi,

In your case Section 297 is nor applicable. However Section 299 and 300 is 100% applicable and disclosure of interest by director in BM is mandatory to validate the transaction.

So in your case even if transaction is not covered by Section 297 still there is need to enter the particular of contract in 301 register.

Answer above is based on my personal understanding of Law. Views of other learned members solicited.


Regards
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