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Section 301- Register to be maintained

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Section 301- Register to be maintained

Postby amatyamahajan » Fri Oct 09, 2009 5:02 pm

Dear All,

Section 301 of Companies Act, 1956 requires every Company to maintain Register of Contracts entered with related parties as per provisions of Section 297 and Section 299.

My question is whether Loand made/advance given by Holding Company to its Wholly Owned Subsidiary is required to be entered in to Register maintained as Sec 301 or Not?

Please help.

Amatya
amatyamahajan
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Re: Section 301- Register to be maintained

Postby pca » Sat Oct 10, 2009 11:46 am

If any director of one company is also a director or shareholder of another company holding more than 2% of its paid-up capital, the transaction will be covered u/s 299 and hence entry in register u/s 301 is required.

Thanks
PC Agrawal
Aurangabad (Maharashtra)
pca
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