A director of a bank is proposed to be inducted in a NBFC, which already enjoys substantial working capital limits with that bank. Can he become a directors, without any violation of any section of the Companies Act, 1956. Is section 297/299 applicable?
Menu
Interested director
Replies (3)
Dear Kannan,
Sections 297 & 299 are not applicable to the appointment of directors.
Regards,
Sunil K Jain
Practising Company Secretary
9810104162; skj13 @ rediffmail.com
He can be appointed as Director (as above 299 and 297 not applicable for appointment), further there will be no compliances w.r.t 297 and 299 as far as company keeps normal operational business with bank.
Regards
Jaideep Pandya
For more compliance, forthcoming Director may furnish his form 24AA at the time of appointment
Recent Topic
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
- Form 121 eligibility for non deduction of TDS for
- Gold/silver etf. STCG. how to decalre in ITR at s
- ITR-2 : cash income that does not fall under any h
- Debit note issued to supplier
Related Topics
CAclubindia
