A land needs to be purchased by a co.
The owner of the land is a relative of all the Directors (All the Directors belong to the promoter group)
Hence, all the Directors are interested.
How will the resolution be passed .....
CS Pooja (Company Secretary) 28 May 2009
A land needs to be purchased by a co.
The owner of the land is a relative of all the Directors (All the Directors belong to the promoter group)
Hence, all the Directors are interested.
How will the resolution be passed .....
Arjun Thakkar (CS) 28 May 2009
call and show a General Meeting
PC Agrawal (PCS) 06 June 2009
The applicable provisions are contained in Sec.297 to 301 of Cos. Act.
If your co. is pvt co., Sec.300 (votes by interested director) are not applicable to you. Further, Sec.297 is also not applicable to 'immovable property' since the same are not 'goods'. Hence you can go ahead with the contract.
However, if your co. is public, the only option is either to induct disinterested directors to the Board or leave the contract.
CS Pooja (Company Secretary) 06 June 2009
Thanks All, for your replies.
Just to correct myself...the word "deadlock in the Board" is not correct for the case we r discussing...it has got a different meaning..
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