Related party transaction-property

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Practicing Company Secretary
74 Points Posted on 17 September 2014
In my one of company director given his property to the company as purpose change of address of the company in local limits of the city with board of directors approval in the meeting.
 
The both directors are brother and both are interested in the transaction, how we comply the Section 188 and section 12 of the companies act, 2013.
 

No any rent agreement made for the use of property by the company.

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On 17 September 2014 at 12:13 Report
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Registered independent director Past Ch
5233 Points Posted on 17 September 2014

Director  can just give  NOC for using his property as registered office of the company.  If  no rent is charged to the company, Sec.188 and the question  of director being interested in the contract or arrangement will not arise.

 

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On 17 September 2014 at 14:08
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Practicing Company Secretary
74 Points Posted on 18 September 2014

Thank you sir for clear my doubts.

 

Regards

Dhaval

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On 18 September 2014 at 18:44

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