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Or if, he is not present at that meeting, he should disclose his nature of interest at the first Board meeting after he becomes interested.

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The companies act contains some provisions under section 297 and 299 so as to prevent the misuse of key positions by the directors and makes it mandatory to disclose the transactions of the company with the directors.

The object of the above section is to bring into the knowledge of the Board of directors, the extent of the interest of a director, in any contract proposed to be entered with the company by the Director or any of his specified associates.

(1) shall be made at the meeting of the board at which the question of entry into the contract or arrangement is first taken into consideration, or if the director was not, at the date of the meeting, concerned or interested in the proposed contract or arrangement, at the first meeting of the Board held after which he becomes so concerned or interested.

In case of any other contract, the required disclosure shall be made at the first meeting of the Board held after the directors becomes concerned or interested into contract or arrangement.

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A general notice given to the Board by a director, to the effect that he is a director or a member of a specified body corporate or is a member of a specified firm and is to be regarded as concerned or interested in any contract or arrangement which may, after the date of the notice, be entered into with that body corporate or firm, shall be deemed to be a sufficient disclosure of concern or interest in relation to any contract or arrangement so made. mais tout le monde semble avoir appris beaucoup tout en jouant.

Any such general notice shall expire at the end of the financial year in which it is give, but may be renewed for further periods of one financial year at a time, by a fresh notice given in the last month of the financial year in which it would otherwise expire Provisions of Section 299 will be attracted not only for a contract but also for other arrangements in which director of a company is directly or indirectly interested or concerned, whereas section 297 deals with the contracts in which directors etc. Section 299 applies in all transactions, whether they relate to movable or immovable property or concerned directly or indirectly. if in the board of a public limited company all the directors are relative being husband wife daughter, mother and father then can they appoint one of them managing director through a board resolution? En tout cas bravo aux enseignantes, aux élèves et aux parents qui alimentent cet espace vecteur de communication joyeuse de votre éerel. The overall look of your website is excellent, as well as the content! Thanks For Your article about Uruguay Senate votes to decnimiralise abortion | The Life League . c’est un libéralisme tempéré avec une forte dose du social.

640B and rule 20A of the companies (Central Government’s General Rules and Forms) 1956. 297: Ø Obtain the consent of the Board or Central Government or Shareholders as the case may be, Ø Make disclosure of Interest at the Board Meeting in form 24AA Ø Enter the particulars in the register of contracts with director within 7 days Ø Place the register at the first meeting of the Bo D and obtain signature Every director of a company who is in any way, whether directly or indirectly concerned or interested in a contract or arrangement, or proposed contract or arrangement entered into or to be entered into, by or on behalf of the company, shall disclose the nature of his concern or interest at a meeting of the Board of directors.

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