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Section 299

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(Querist)
13 November 2010 1.If a company making a contract with another company for purchase and one of director hold 1% & his wife 2% share in another company.
so whether as per section 299 director is interested and need to disclose his interest.

2.what is the scope of term "arrangement" under section.

Thanks in advance
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Ajay Mishra

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Ajay Mishra (Expert)
13 November 2010 Hi

No, there is no need to disclose his interest by director.

As per section 299(6), it only says any director hold or more of them hold to gather, it means only directors hold to gather more than two percent to come under this section.

Director's wife holding will not be count for section 299.

Regards
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