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?
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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
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