Section 299 read with section 301

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Guest

Guest (Querist)

14 November 2012 Dear Sir,

1)I want to know what kind of contracts are covered under Section 299 to be entered in the register maintained under Section 301 of the Companies Act, 1956.

2)Are director expenses covered ?

CS SIDDHARTHA BANIK

CS SIDDHARTHA BANIK (Expert)
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14 November 2012 1) Register maintained under section 301 should mention all contracts to which section 297 and 299 applied.

As per sec 297 : all contracts of sales, purchases or supply of any goods, materials or services, and underwriting commission for subscription of shares etc.

Sec 299 provides every director who is in any way whether directly or indirectly concerned or interested in any contract or proposed contract entered in to or to be entered by the company should disclose. They can file general notice also.

Also these above mentioned should be entered in the register u/s 301.

2) I think Director’s expenses is a reimbursement only. Therefore, question of entering into registrar not entered.

Thanks