Hi Frndz, Ours is a Pvt Ltd Co., and our M.D having Shares more than 30% in another Pvt ltd Co.,
My question: Is there any disclosure required under AS-18 / any compliance required under Sec.297 of Companies Act
in the "Notes on Accounts" of Company's Annual Report for the year 2011-12. - Pl clarify?
AS -18 requires disclosures of transaction with related parties during the reporting period ......And MD is related person as defined under a clause of Section 2 of the Companies Act,1956.
In your case, Transactions of your co. with M.D. and that another co. needs to be disclosed.
CAclubindia
