19 August 2009
Every company, whether private or public, shall keep a Register and enter therein particulars of all contracts or arrangements to which section 297 or 299 applies including contracts which are exempt under the provisions as under:—
(a) the date of the contract/arrangement;
(b) the name of the parties with whom the contract entered into;
(c) the principal terms and conditions thereof; (For example when interested contracts covered by section 297 did not need the consent of the Board, the answer against this column may be "For cash at market prices")
(d) the date on which the contracts were placed before the Board;
(e) the names of directors voting in favour or against the contract or arrangement and name of those remaining neutral.
1. The relevant particulars of Form 24AA are duly entered in the Register of contracts;
2. The relevant particulars of all contracts or arrangements to which section 297 or section 299 applies including the amount of loan given or taken by the company and other transactions as may be, are entered in the Register of contracts;
3. The Register is duly placed before the meeting of the Board and duly signed by all the directors present;
4. The Register is kept at the registered office of the company and is open for inspection as per the provisions of section 163 of the Act;
5. Relevant entries of contracts for which approval of Board is required are recorded in the minutes of the Board meeting.
CAclubindia
