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Sec. 299

This query is : Resolved 
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(Querist)
08 February 2010 Dear Sir,

A Ltd (5 lac pu capital) contracts with B Ltd. (5 lac pu capital).

Mr.P is one the directors of A Ltd.(He is not director of B Ltd.)

Mrs.S is mother of Mr.P and she holds 5% holding in B Ltd.(She is not director of B Ltd.)

Has Mr.P disclose this in Board Meeting.

Regards,
Vignesh.J
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Ankur Garg

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Ankur Garg (Expert)
08 February 2010 Yes.

Disclosure of interest in the transaction from Mr. P is required due to the language of sub-section (6) of section 299.

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