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with reference to my earlier question Section 188 -- related party transactions are applicable after 01/04/2014, and as per your answer resolution should be passed after 01st Sep. 13 to 31st March 2014, but leasing of property of any kind was not included in the Companies act, 1956 and this section 188 implemented from 01/04/2014, now my questions (1) When any shop owned by one of the Director was shown as Registered Office , but no rent was paid by the Company to the Director and not proper lease agreement was also executed , but NOC for using premises as Registered Office was filed at the time of incorporation-- whether it attracts provision of Section 188. ( if no rent was given by the Company to Director) (2) what will be situation if rent was given to Director by the Company ( But no proper lease agreement as the company is using premises since incorporation and this transaction was not covered under old act ) --- whether to discontinue giving of rent or to pass resolution ( but under Old Companies act, 1956 or New Companies act, 2014 because only husband and wife are member and Director , no non-interest director was on the Board)

Section 188- Related party transactions.

Posted By: Revati sathe 9 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

In the cited case company needs to pass a Board resolution even if there is no consideration involved in pursuant to sec 188 of the Act. Further for this purpose provision of sec 184 is not attracted to form a valid quorum thus the available directors can pass the requisite Board Resolution.

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