Section 297/299 ?
This query is : Resolved
CA Mallika Chaudhary
(Querist)
15 October 2010
" Mr X, a director of XYZ Pvt Ltd , is 59% stakeholder in it. There are other individual board members also. Is he legally required to declare to the Board that his sister is an employee of the Company ?"
CS Mitesh Mehta
(Expert)
18 October 2010
NO
CA Mallika Chaudhary
(Querist)
18 October 2010
But then what about section 314 Sir ?
CS Mitesh Mehta
(Expert)
19 October 2010
My answer was with reference to Section 299. Disclosure of Directors Interest.
As far as Section 314 is concerned, it is applicable in your case. which requires prior consent of shareholders & Central Govt. (In certain cases)
In short, Section 299 require disclosure of director interest wheras section 314 deals with obtaining prior consent.
As far as Section 314 is concerned, it is applicable in your case. which requires prior consent of shareholders & Central Govt. (In certain cases)
In short, Section 299 require disclosure of director interest wheras section 314 deals with obtaining prior consent.
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