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SECTION 301

30 January 2010

IF THERE ARE NO TRANSACTIONS AS PER SECTION 301 DURING THE QUARTER THEN THE NIL STATEMENT HAS TO BE PLACED/RECORDED AT THE BOARD MEETING OR NOT.PLEASE ADVISE ITS URGENT

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3 Replies

Amir (Learner) (4016 Points)
Replied 30 January 2010

Dear Priyanka, I m not sure but unless u present a "Nil Statement" how u will bring this thing on records that there was no transactions........

CS. Ashish Shah (Service) (175 Points)
Replied 30 January 2010

Priyanka, Section 301 (3) says that you need to enter the transactions within 7 days of the board meeting in which it is approved and if not then enter in the register within 7 day of entering into the contract and place the register or statement in the next board meeting. However, there is nothing in this section tells about what if there is no transactions. It means if there is no transaction in any month, you need to put any statement or even NIL Statement in the Board. Regards, Cs. Ashish Shah

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 30 January 2010

Originally posted by : Cs. Ashish Shah
	Priyanka, Section 301 (3) says that you need to enter the transactions within 7 days of the board meeting in which it is approved and if not then enter in the register within 7 day of entering into the contract and place the register or statement in the next board meeting. However, there is nothing in this section tells about what if there is no transactions. It means if there is no transaction in any month, you need to put any statement or even NIL Statement in the Board. Regards, Cs. Ashish Shah