As per the provision of the section 184(2) of the Companies Act'2013,
[(2) Every director of a company who is in any way, whether directly or indirectly, concerned or interested in a contract or arrangement or proposed contract or arrangement entered into or to be entered into—
(b) with a firm or other entity in which, such director is a partner, owner or member, as the case may be,
shall disclose the nature of his concern or interest at the meeting of the Board in which the contract or arrangement is discussed and shall not participate in such meeting:
Now my question is that ABC Pvt. Ltd. is a Company in which "D" is a Director and another there is Proprietorship Firm i.e. M/s XYZ runned by Mrs. "R" who is the wife of Mr "D".
Now Company ABC Pvt. Ltd. did a Transaction with Proprietorship Firm is M/s XYZ.
Now it is clear case of Related Party Transaction because Mrs. R is a wife of Mr. D.
Now my question is
(a) whether Mr. D who is the Director of ABC Pvt. Ltd is an Interested Director due to this transaction? if yes how and why?
(b) Whether any interest of Mr. D in this Transaction.? if yes how and why?
please reply in detail with references.
director
interested
determination
Is disclosure of general interest by directors necessary for private companies under companies act 2013?
should we take the written notice from the director/s and place it before the board meeting
any relaxation is this regard for Private Cos?
Pl share your views
directors
interest
general
disclosure
Dear members
for filing the BEN 2 relating to " change in significant beneficial interest" then whether we have to fill only the changes in the shareholding or we have to give the complete data as we had given in the BEN 2 filed originally i.e. "for declaration of Significant Beneficial Ownership under Section 90".
pls confirm.
interest
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While reading the section, I met with a doubt that -
As this section starts with Every Director-Whether this section applies to Managers, Managing Directors, Whole Time Directors, Additional Directors, Alternate Directors and Independent Director or only Director ?
companies
us184
directors
interest
disclosure
An Individual has who was an NRI has permanently shifted back to India. There are NRE deposits in his name.
What will the tax treatment of interest earned from the NRE deposit post change of residential status from NRI to resident?
A Taxdeductor has received Form 15H for no deduction of TDS on Interest income of Rs 496000- for Fin Year 2019-20 on 25-3-20. Interest is credited on 31-3-20. By which date Form 15H can be E-filed on Portal Is there any relaxation in current Scenerioas DSC is required for same
Click here to view / answer Share it oncan a sole member cum director of OPC give interest-free loan to OPC. If yes, whether OPC will be required to file MGT 14 for filing the copy of contract with ROC within 15 days as required u/s 193 of the Act?
Click here to view / answer Share it onPartnership Firm cannot be a Shareholder. But can it hold beneficial interest under Section 89.
interest
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parntership
Dear all,
As all of you are aware that CBIC in its special drive has started sending mails demanding interest for belated filling of 3B after passing an internal order no CBEC-20/16/07/2020-GST dated 10/02/2020 by Special Secretary,CBIC . One of our clients got such type of mail.We have given our submission citing provisions and case laws.In response to that submission honble superintendent revert following mail to us.I am sending that mail in toto to all of you for my information and knowledge that WHETHER A SPECIAL SECRETARY HAS GOT POWER TO SUPERSEDE HIGH COURT`S JUDGEMENT ??? Awaiting for your response. Dear Taxpayer, in response to your letter, this is for your kind information that the amendment what you have stated in your reply has not been notified by the Government till date. Section 50 of the CGST Act, 2017 is very clear in this regard. Hence, you claim of payment of interest on cash amount is not sustainable. Secondly, despite of judgement of Madras High Court, Special Secretary, CBIC superseding the Judgement of Madras High Court, vide D.O. letter dated 10.02.2020 has ordered to recovery the interest on Gross Tax and Gujrat High Court's interim stay order is not a final order. Therefore, you are again requested to deposit the interest amount failing which recovery proceeding under Sub-Section 12 of Section 75 of the CGST Act, 2017 will be initiated against you. Thanking you Yours faithfully (Nikhilesh Bhattacharyya ) Superintendent of Central Tax & Cx Range-IV: Junglepur CGST & CX Division
Can a limited company pay interest on the loan amount borrowed by its directors? What will the implications be under the Company Act, 2013?
Click here to view / answer Share it onCan holding company give interest free loan to its wholly owned subsidiary company?
Can holding company give interest free loan to its wholly owned subsidiary company?
