Section 184(2) , 188 and 189
This query is : Resolved
23 July 2016
Hi,
Section 189 applies to transactions covered u/s 184(2) and / or 188.. If a transaction falls under 184(2) but is exempt from the wider section 188 can we claim / say 189 doesn't applies since section 188 being much wider and 188 and 189 both are for RPT whereas 184 is regarding disclosure of interest. Please guide.
Eg : Purchase and Sales between companies with common directors and / shareholders --- Section 184(2) applies
However exemption u/s 188 since the transactions are done in the ordinary course of business and also at arms length price.
Thus whether such transactions would be required to be entered in register u/s 189.
Section 189 applies to transactions covered u/s 184(2) and / or 188.. If a transaction falls under 184(2) but is exempt from the wider section 188 can we claim / say 189 doesn't applies since section 188 being much wider and 188 and 189 both are for RPT whereas 184 is regarding disclosure of interest. Please guide.
Eg : Purchase and Sales between companies with common directors and / shareholders --- Section 184(2) applies
However exemption u/s 188 since the transactions are done in the ordinary course of business and also at arms length price.
Thus whether such transactions would be required to be entered in register u/s 189.
23 July 2016
Yes, such transactions are also required to be entered into Register.
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