Sec 297
This query is : Resolved
25 August 2009
What is the procedure for filing of form 24A under sec 297(Related Party Transactions), where the paid up capital of he Company is RS. 1 crore??
Is it necessary to file form 23 also??
While uploading form 24A at MCA portal, does it gets submitted with ROC or RD??
Please advise urgently.
Thanks &Regards
Priya Sharma
Is it necessary to file form 23 also??
While uploading form 24A at MCA portal, does it gets submitted with ROC or RD??
Please advise urgently.
Thanks &Regards
Priya Sharma
25 August 2009
Hi Priya,
Delegation of power to Regional Director
The power under the said proviso is delegated to the Regional Directors at Mumbai, Kolkata, Kanpur and Chennai for providing approval by the Offices of Regional Directors located in their Regions.
No need to file form 23. Only if u pass special resolution form 23 is required.
Delegation of power to Regional Director
The power under the said proviso is delegated to the Regional Directors at Mumbai, Kolkata, Kanpur and Chennai for providing approval by the Offices of Regional Directors located in their Regions.
No need to file form 23. Only if u pass special resolution form 23 is required.
25 August 2009
Secretarial checklist
Check whether exempting provisions contained in section 297(2) of the Companies Act, 1956 were not applicable? If not, check that:—
1. Consent of the Board of directors was obtained by a resolution passed at a meeting for entering into contracts in which directors were interested.
2. Prior approval of the Central Government (Regional Director) has been obtained, if the paid up share capital of the company is not less than Rs. One Crore.
3. The particulars of the contract were entered in the Register of contracts, in accordance with the provisions of section 301.
4. The requisite resolutions were recorded in the minutes of Board meetings.
Enclosures required to be submitted with the application
E-Form 24A has to be submitted with following enclosures:
(1) Copy of agreement containing particulars of contract.
(2) Copy of board resolution and proceedings of meeting.
(3) Detailed application should be filed as an optional attachment containing details relating to the following;
(a) Whether the terms of the contract conform to the prevailing market rates.
(b) Whether the company has entered into any contract with any other person in respect of sale, purchase or supply of the same kind of goods, materials or services and whether the terms of such contract are similar to the terms of the proposed contract(s). Reasons for variation in rates, if any should be indicated
(4) Certified copy of the latest amended Memorandum and Articles of Association;
(5) Certified copy of the audited Balance Sheet and Profit & Loss Account for a last three years;
(6) Certified copy of the Minutes of the General Meeting at which the proposal was approved, if in case of the non availability of the quorum of disinterested director in a public company.
Regards
Check whether exempting provisions contained in section 297(2) of the Companies Act, 1956 were not applicable? If not, check that:—
1. Consent of the Board of directors was obtained by a resolution passed at a meeting for entering into contracts in which directors were interested.
2. Prior approval of the Central Government (Regional Director) has been obtained, if the paid up share capital of the company is not less than Rs. One Crore.
3. The particulars of the contract were entered in the Register of contracts, in accordance with the provisions of section 301.
4. The requisite resolutions were recorded in the minutes of Board meetings.
Enclosures required to be submitted with the application
E-Form 24A has to be submitted with following enclosures:
(1) Copy of agreement containing particulars of contract.
(2) Copy of board resolution and proceedings of meeting.
(3) Detailed application should be filed as an optional attachment containing details relating to the following;
(a) Whether the terms of the contract conform to the prevailing market rates.
(b) Whether the company has entered into any contract with any other person in respect of sale, purchase or supply of the same kind of goods, materials or services and whether the terms of such contract are similar to the terms of the proposed contract(s). Reasons for variation in rates, if any should be indicated
(4) Certified copy of the latest amended Memorandum and Articles of Association;
(5) Certified copy of the audited Balance Sheet and Profit & Loss Account for a last three years;
(6) Certified copy of the Minutes of the General Meeting at which the proposal was approved, if in case of the non availability of the quorum of disinterested director in a public company.
Regards
25 August 2009
Thank You ver much Sir.
But I went through the help kit of form 24A, it emphasises on annexing
the
(1)Copy of agreement containing particulars of contract.
(2) Copy of board resolution and proceedings of meeting.
(3) Detailed application should be filed as an optional attachment containing details relating to the following;
(a) Whether the terms of the contract conform to the prevailing market rates.
(b) Whether the company has entered into any contract with any other person in respect of sale, purchase or supply of the same kind of goods, materials or services and whether the terms of such contract are similar to the terms of the proposed contract(s). Reasons for variation in rates, if any should be indicated
But it is not asking for the
(4) Certified copy of the latest amended Memorandum and Articles of Association;
(5) Certified copy of the audited Balance Sheet and Profit & Loss Account for a last three years;
Should I still attach it to the form??
Rgds
Priya Sharma
But I went through the help kit of form 24A, it emphasises on annexing
the
(1)Copy of agreement containing particulars of contract.
(2) Copy of board resolution and proceedings of meeting.
(3) Detailed application should be filed as an optional attachment containing details relating to the following;
(a) Whether the terms of the contract conform to the prevailing market rates.
(b) Whether the company has entered into any contract with any other person in respect of sale, purchase or supply of the same kind of goods, materials or services and whether the terms of such contract are similar to the terms of the proposed contract(s). Reasons for variation in rates, if any should be indicated
But it is not asking for the
(4) Certified copy of the latest amended Memorandum and Articles of Association;
(5) Certified copy of the audited Balance Sheet and Profit & Loss Account for a last three years;
Should I still attach it to the form??
Rgds
Priya Sharma
25 August 2009
Answered
25 August 2009
Just gone through your answer. Good
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Refund of AY 22-23
- Should I include march foreign salary received in April in my income for FY 2023-24?
- HSN Details in IFF/GSTR-1 & in GSTR 9
- TDR receipts for agreement holder
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Applicability of Ind As to associate of associate
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- GSTR9C Turnover
- Vivad se vishwas scheme 2024 new
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
