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Hi in one Private limited company there are only two Directors and they are only shareholders. The Company proposes to enter related party transactions with a Firm in which such both Directors and shareholders are partners in that Firm. Please let me know company can pass special resolution in this case ? b/c third prov of section 188 say that no member of the company shall vote on such special resolution to approve contract or arrangment which may be entered into by the company, if such member is a related party ?

Section 188- Related party transactions.

Posted By: Vasant patel 10 year(s) ago

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


    k gopalan

Allot shares to 2 new shareholders who are not interested parties and pass the resolution.

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    Akansha

Appoint 2 new shareholders to pass requisite resolution u/s 188

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    RAMAMURTHY

In this case bring two new shareholders who would not be interested and can vote. Please also watch development with regard to notification under section 462 which should come anytime now for exempting private companies from certain transactions.

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