12 July 2010
X is pvt limited company.Y is semi government organsiation i.e. MMRDA. Now MMRDA has appointed nominee directors on the board of the X. If some contract needs to be entered into by X with MMRDA pertaining to services provided by MMRDA. In such case whether nominee directors shall be considered as interested in this resolution as per sec 297 and 299 of the companies act,1956.
14 July 2010
YES SECTION 299 IS APPLICABLE TO SUCH DIRECTOR AND REQUIRED DISCLOSURE U/S 299.
GOVT. COMPANIES ARE NOT EXEMPT FROM SECTION 299
WAIT FOR OTHER EXPERT OPINIONS.
THANKS
Querist :
Anonymous
Querist :
Anonymous
(Querist)
15 July 2010
Plz. note that MMRDA is not government company as per compnies Act and my question is for pvt. company's meeting and not MMRDA's meeting. In such case your answer remains same?