301 register

Page no : 2

(Guest)

Thanks a lot sir...

praveen (Chartered Accountant) (6971 Points)
Replied 30 June 2009

can any body tell me what exactly does a 301 register look like.

Seen a lot of places where 301 register is not maintained. Is it a physical register or something which can be printed and filed.

Ankur Garg (Company Secretary and Compliance Officer) (114783 Points)
Replied 30 June 2009

Partly disagree with Mr. Srivastava.

Section 299 is applicable as indirect interest is still there. Please find attach relevant DCA Clarification in this regards.

Section 297 is not applicable.

Attached File : 39 dept clarification.doc downloaded: 337 times

(Guest)

Dear Mr Ankur

could u please tell me what is covered under Indirect Interest and what kind of Interests are covered under sec 299?

Ankur Garg (Company Secretary and Compliance Officer) (114783 Points)
Replied 01 July 2009

Hi Priya,

With reference to the DCA Clarification attached above even DCA is not able to quantify the indirect interest in most cases especially when relatives of directors are involved and director himself is not holding any share in the other company.

I would request you to have a look at Section 300 which prevented a director having negligible direct or indirect interest in the transaction from forming a quorum or vote even if the interest is not covered by section 299(6) further there is no reference of section 299 in section 300(1) so section 300 is independent from section 299.

I would also request you to have a deep look at the language of DCA Clarification attached above.

Best Regards

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17858 Points)
Replied 01 July 2009

Dear Ankur,

I am unable to understand what you want to let me know and why are you disagree with my points, please clarify.

Rohan (Thinking of CS) (71 Points)
Replied 31 May 2011

Dear Professionals

It means section 297 is not applicable for contracts of immovable property but section 299 is applicable as the Directors are interested in this contract.Hence as section 299 is applicable any contract whether for movable or immovable property is to be entered into the Register of Contracts under section 301.

Thank you very much for all of your guidance!!!!!!!

Thanks

Rohan Khandekar