My question is regarding a Pvt. Ltd. Co. having 2 Directors who are also the shareholders of the Company holding shares in the ratio of 1:1.
I want to know whether Disclosure of shareholding is required to be made? If yes, then should it be made in all board meetings, and how?
Thanks.
Hi,
Section 302 does not prescribe any time limit with in which a director shall give notice to the company disclosing his shareholding.
Hence you may go with the interpretation mentioned by you. Simple noting in the first board meeting regarding disclosure is enough.
This notice shall contain such matters as would enable the company to make the entries into the resister of directors' shareholding.
Best Regards
It is advisable to place notice before Board as an when shares acquired or next Board Meeting after acquiring shares of the COmpany or its subsidiary or holding Company
According to section 308 every director or deemed director((u/s 307(10)} of the company shall give notice to the company in such manner relating to himself as may be necessary for the purpose of enabling the company to comply with the provisions of that section.
Thus, notice may be given in any manner so that it would enable the company to comply the provisions. Thus, in case of every change in the share holding, notice is required to be given to the company.
BHUPINDER SHAH AND COMPANY
New Delhi
CA Inter
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O P Bagla & Co LLP
New Delhi
CA Inter
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