hiiiii all,
please some one tell me do all directors require to fill form 24AA under section 299 of the act? does it include directors who are yet yo be appointed (proposed directors)???
please reply...(thanks a lot in advance)
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Form 24aa
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A director is required to give notice of his interest u/s 299 in a contract or arrangement entered/to be entered by the company. However, giving notice of general interest in Form 24AA u/s 299(3)(a) is optional and not mandatory. However, it is in the interest of director himself to give such general notice since if he by chance omits to disclose his interest in a particular contract through oversight, he will automaticallly vacate his office u/s 283(1)(i). Proposed director is not required to give such notice until he is appointed as such.
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