Section 299
This query is : Resolved
28 February 2013
A Director of the company has to make a declaration u/s 299 of the Companies Act, 1956 on the year ending 31st March in FORM NO. 24-AA, But if it is Sunday then whether we have to change the date like 1st April, or it is alright to show the same date as on 31st March, whether there is any provision regarding this or not in the Companies Act,1956.
(As on 31st March, 2013, it is Sunday)
(As on 31st March, 2013, it is Sunday)
28 February 2013
Hi
If you take it on 1st April, then they will come in the next financial year, so you take it on 31.03.2013. There is no issue that it is Sunday or it on Monday.
It is the director right to give on any day before the end of financial year.
If you take it on 1st April, then they will come in the next financial year, so you take it on 31.03.2013. There is no issue that it is Sunday or it on Monday.
It is the director right to give on any day before the end of financial year.
Message likes :
1 times
28 February 2013
Method of disclosure by a general notice:
Section 299(3) deals with the mode of disclosure. A general notice given to the Board by a director, to the effect that he is a director or a member of a specified body corporate or is a member of a specified firm and is to be regarded as concerned or interested in any contract or arrangement which may, after the date of the notice, be entered into with that body corporate or firm, shall be deemed to be a sufficient disclosure of concern or interest in relation to any contract or arrangement so made. Following are the important aspects in this regard:—
(i) Contents of general disclosure.—The notice shall specify the following details which he furnishes to the Board of directors of the concerned company:—
(a) He is a director of a specified body corporate(s).
(b) He is a member of a specified body corporate(s).
(c) He is a member of a specified firm. This also includes member of HUF, sole proprietary or charitable concern.
(d) He has indirect interest as he is interested through his relatives in specified body corporate(s) or firm.
(ii) Validity of general notice.—Any such general notice shall expire at the end of the financial year in which it is given, but may be renewed for further period of one financial year at a time, by a fresh notice given in the last month of the financial year in which it would otherwise expire. [Section 299(3)(b)]
(iii) Giving or reading of general notice at Board meeting.—Section 299(3)(c) provides that no general notice as described under section 299(3)(a), and no renewal thereof, shall be of effect unless either it is given at a meeting of the Board, or the director concerned takes reasonable steps to secure that it is brought upon and read at the first meeting of the Board after it is given.
(iv) Include details of relatives' interest.—It is the responsibility of a director to disclose the nature of interest of his relatives, if any.
(v) Form for disclosure.—It should be made in the prescribed Form 24AA.
Method of disclosure by a general notice:
Section 299(3) deals with the mode of disclosure. A general notice given to the Board by a director, to the effect that he is a director or a member of a specified body corporate or is a member of a specified firm and is to be regarded as concerned or interested in any contract or arrangement which may, after the date of the notice, be entered into with that body corporate or firm, shall be deemed to be a sufficient disclosure of concern or interest in relation to any contract or arrangement so made. Following are the important aspects in this regard:—
(i) Contents of general disclosure.—The notice shall specify the following details which he furnishes to the Board of directors of the concerned company:—
(a) He is a director of a specified body corporate(s).
(b) He is a member of a specified body corporate(s).
(c) He is a member of a specified firm. This also includes member of HUF, sole proprietary or charitable concern.
(d) He has indirect interest as he is interested through his relatives in specified body corporate(s) or firm.
(ii) Validity of general notice.—Any such general notice shall expire at the end of the financial year in which it is given, but may be renewed for further period of one financial year at a time, by a fresh notice given in the last month of the financial year in which it would otherwise expire. [Section 299(3)(b)]
(iii) Giving or reading of general notice at Board meeting.—Section 299(3)(c) provides that no general notice as described under section 299(3)(a), and no renewal thereof, shall be of effect unless either it is given at a meeting of the Board, or the director concerned takes reasonable steps to secure that it is brought upon and read at the first meeting of the Board after it is given.
(iv) Include details of relatives' interest.—It is the responsibility of a director to disclose the nature of interest of his relatives, if any.
(v) Form for disclosure.—It should be made in the prescribed Form 24AA.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
