Ashwin (Information Seeker) (155 Points)
25 September 2012Dear All,
please guide, what kind of transactions are entered in the register of contract maintened under section 301, whether we should mention the transaction under section 297 or should also mention the transaction like loan taken or loan given. in case of pvt. ltd. company.
secondly i want to know in case of a pvt. ltd. company section 372 a is not applicable then where should i show the investment made by the company, is it mendatory to maintain register?
Thanks in advance
Regards
Ashwin
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17848 Points)
Replied 26 September 2012
Contract which falls under section 297 and 299 are to be registered under section 301 register.
Dear Ashwin,
As per Section 301 of the Companies Act, 1956, every company (including a private limited company) shall keep one or more registers in which shall be entered separately, particulars of all contracts or arrangements to which Section 297 or Section 299 applies. It does not include Inter-corporate loans and investments.
Since, Section 372A is not applicable to Independent Private Limited companies, the maintenance of register under this Section is just optional for such companies.
Even Secretarial Standards – 4 on Registers and Records says that Independent Private Limited companies need not maintain Register of Inter-corporate loans and Investments.
So, it is upto you to decide whether to maintain a separate Register regarding Inter-corporate loans and Investments.
Warm Regards,
Veeral Gandhi
Mehul Chaturvedi
(student)
(64 Points)
Replied 08 June 2014
does director remuneration has to be entered into register maintained under section 301
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