Sir Advance paid to Sisiter Concern where Directors are partner having substanstial Interest kindly guid me wheather the matter should me taken in agenda & is any resolution required, further dose director should declare there interest and can the resolution can be passed 2 months after the transaction because as on today the amount paid is only advance till no Purchase has taken place ikindly request to guide & draft all the above reuirment
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I presume the transaction is between two public limited companies and the general disclosure under Form 24AA is obtained from the directors under question at the beginning of the year.
If the above two conditions are satisfied, then only noting ofthe transaction in the register maintained under section 301 is required. Post transaction, approval at the Board meeting of the register would suffice the purpose.
Apart from form 24AA and register under section 301 there is a disclosure under AS -18.
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