Two Private Companies have eneterd into a contract now who should go for the CG approval. I am aslo confused about in which Company's register should I pass the entry under sec 301??
pls suggest
5 Replies
shashank
(CA final student)
(259 Points)
Replied 14 April 2011
Hi
What is the paid up capital of both companies
sakshi
(CS)
(261 Points)
Replied 14 April 2011
The paid up capital is less than 1 crore. We have passed the Board resolution.But I am confused in Company's statutory register we should mention the contract under sec 301
shashank
(CA final student)
(259 Points)
Replied 14 April 2011
Yes the Particualrs relating to contract needs to be entered in register maintained under section 301
sakshi
(CS)
(261 Points)
Replied 14 April 2011
I know but the there are two companies in which company's register should I mention the entry under section 301 of the companies act 1956??
CA Sandeep Kumar
(Audit Assistant)
(804 Points)
Replied 14 April 2011
Case 1
Company A- Director ----- interested in company B- as a member
Contract between company A and company B
enter all details in section 301 register of company A, comply with 297, as per facts given by u, CG approval not required. No question of entering details in 301 register in company B.
Case 2
Company A- Director ----- also a director in company B
Contract between company A and company B
enter all details in section 301 register of company A and company B, comply with 297, as per facts given by u, CG approval not required. Entering details in 301 register in company B is necessary as section 297/299/301 etc will obviously be made applicable to company B also.
Please do wait for other members to reply.
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