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Section 299

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(Querist)
26 November 2011 A private company has given a loan to a director is there any disclosure required u/s 299 of the companies act?
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RG - A Helping Hand

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RG - A Helping Hand (Expert)
26 November 2011 Section 295 regarding loan to dir is not applicable to a private company. However disclosure is required u/s 299. For giving loan a board resolution is required to be passed. In such BM dir should disclose his interest in the transaction.

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Charu Srivastava

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Charu Srivastava (Expert)
26 November 2011
Loan to Directors is governed by Section 295 of the companies Act which is not applicable to private Company.

Section 299 of the companies act which is disclosure of interest is applicable to all the companies.Every Director before the end of financial year is required to disclose about his Directorship in the Company in Form 24 AA.
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