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section 302

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Ashish Agarwal (Querist)

01 June 2011 Whether appointment of an employee as a Manager under section 2(24) of the Companies Act, 1956 is required to be informed to the shareholders of the Company under section 302 of the Companies Act, 1956 as abstract of his/her appointment.

udit sharma

udit sharma (Expert)

02 June 2011 As per the provisions of section 302(1) of the Companies Act, 1956 when a Company enters into a contract/agreement for appointment/re-appointment or variation in terms of appointment of a Manager, an abstract of the terms of appointment is to be sent to the shareholders within 21 days from the date of entering into contract/agreement. In case any director of the Company is interested in the said appointment, memorandum disclosing the intrest of the director is to be sent along with abstract under section 301(1).

God Bless

CS Udit Sharma

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