section 299 of the companies act
This query is : Resolved
sandeep sahu
(Querist)
07 July 2010
Dear Ankur Sir
Section 299 is automatically invoke , as section 295 says about loan to director or his relatives and also incase of 372A also generally a private company finaces within its close circle(i.e group) .So pl. put your opinion whether sction 299 is applicable in this case ( i.e laon or advance made )
Section 299 is automatically invoke , as section 295 says about loan to director or his relatives and also incase of 372A also generally a private company finaces within its close circle(i.e group) .So pl. put your opinion whether sction 299 is applicable in this case ( i.e laon or advance made )
Ankur Garg
(Expert)
07 July 2010
As suggested earlier the director must disclose his interest in the transaction (Loan to director) in the board meeting u/s 299.
Section 299 is applicable because company is providing loan to its director. So according to me director must be considered interested in the transaction.
Regards
Section 299 is applicable because company is providing loan to its director. So according to me director must be considered interested in the transaction.
Regards
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