Section 299

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2013 Is loan received by a Company from its promoter director covered u/s 299 and if so whether it is required to be entered in 301 register

Ajay Mishra

Ajay Mishra (Expert)
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02 September 2013 Hi

Section 299 casts a duty on a director for disclosure embedded in many provisions of the Companies Act, 1956. Accordingly, every director of a company who is, in any way, whether directly or indirectly, concerned or interested in a contract or arrangement, or proposed contract or arrangement, entered into or to be entered into, by or on behalf of the company, shall disclose the nature of his concern or interest at a meeting of the Board of directors.

Section 301 applies to all types of companies registered under the Act. The Register should be in compliance of the provisions of sections 297, 299 and 300 of the Companies Act, 1956.

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2013 Thank you Ajay
Accordingly Loan from a director is covered u/s 299, isn't it

Ajay Mishra

Ajay Mishra (Expert)
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02 September 2013 Yes...................

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