YOGESH (assi. company secretary) (477 Points)
03 July 2013in case of Re-appointmnent of MD ,he/she is regarded as interested in that perticuler agreement,
so my query is that whether the contract of re-appointment of MD should be entered in the register of contract in which directors are interested u/s 301 ?
Please reply as soon as possible , it is little urgent.
Thank you
ACS Deepika Chowdhary
(Company Secretary)
(280 Points)
Replied 04 July 2013
| Originally posted by : yogesh | ||
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in case of Re-appointmnent of MD ,he/she is regarded as interested in that perticuler agreement, so my query is that whether the contract of re-appointment of MD should be entered in the register of contract in which directors are interested u/s 301 ? Please reply as soon as possible , it is little urgent. Thank you |
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Yes particulars of his reappointment are required to enter in 301 register, and if any director is relative/any other way interested in his reappointment, his name also has to be shown in interested directors
YOGESH
(assi. company secretary)
(477 Points)
Replied 04 July 2013
Dear miss Deepika, Thank you very much for your reply.
but your reply has made me little confused because one of expert of CACLUBINDIA Mr Ajay Mishra told me that. it can not be entered into register u/s301.
he said that, the register of contract maintained with company u/s 301 is only for contract covered u/s 297 &299.
so appointment of director covered u/s 269 so as per his opinion it should be given in register maintained u/s 303 of the Act.
so, please remove my confusion in this
thank you
YOGESH
(assi. company secretary)
(477 Points)
Replied 04 July 2013
Vidisha Gupta
(Company Secretary)
(91 Points)
Replied 04 July 2013
Dear yogesh, In my opinion as per sect5ion 301 only contract to which section 297 and 299 applicable is required to recorded in ragister maintened under this section and secondly with regard to interest in appoinment of MD is cocerned the only thing is to do to inform member within 21 days of re-appoinment or any change in term of appoinment .......for detail plz refer sec 302. ........
Sneha
(Company Secretary)
(1594 Points)
Replied 04 July 2013
I agree with the view of expert Mr. Ajay Mishra.
Acc to Sec 299 and 301 director have to give the declaration of his interest in the company/firms where he is interested. Now the director of the Company gives disclosure of interest in other Companies. He is obviously interested in the Company in which he is giving declaration. So it seems funny to enter in register that director is interested in the Company for which register is being maintained.
YOGESH
(assi. company secretary)
(477 Points)
Replied 04 July 2013
thank you all for taking time to answer this query.
shikha tiwari
(MANAGEMENT TRAINEE)
(379 Points)
Replied 04 July 2013
| Originally posted by : yogesh | ||
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Dear miss Deepika, Thank you very much for your reply. but your reply has made me little confused because one of expert of CACLUBINDIA Mr Ajay Mishra told me that. it can not be entered into register u/s301. he said that, the register of contract maintained with company u/s 301 is only for contract covered u/s 297 &299. so appointment of director covered u/s 269 so as per his opinion it should be given in register maintained u/s 303 of the Act. so, please remove my confusion in this thank you |
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YES in the register of contract under sec 301 , the particulras of contract as per sec 297 & 299 is entered only.
the particulars of md's re-appointment cant be enterd in the register of contract. The registre of contarct covers up two parts ,PART I & PART II ....PART I covers particulars of contract as per sec 297 and PART II covers declartion as to the nature of interst as per sec 299.
CAclubindia
