Dear Sir / Madam,
Under Companies Act, 1956 the disclosure by Directors under Section 299 included disclosure of interest through relatives.
Can anyone please let me know whether such provision is prevailing under the new Companies Act, 2013.
If prevailing under which section the term relatives is defined (initially it was under section 6 of the Companies Act, 1956) and under which form it has to be disclosed.
Dear Virendra,
As per Companies Act 1956, the disclosure by Directors under Section 299 (including disclosure of interest through relatives) were use to submit by them vide Form 24 AA.
Wef, 1Apr 14 as per the Companies Act 2013, Notice by the Interested director, persuant to section 184 (1) (Including disclosure of interest through relatives) is required to be submit by them vide Form 12.1 [Draft Rule 12.7(1)].
The List of relatives in term of clause 77 of section 2 has been reduced to 8 only (the same has been attached)
The rule 12 has been attached for your reference and further clarification.
Trust the responses are in line to your query.
Regards,
Avneesh Mishra.
CAclubindia
