372A Register

[poonam jain]

Dear All,

 

Kindly tell me that if a company upon which 372A (8) is apllicable is required to maintain register of 372A or not ?

 

Further if required, then exempted transactions are required to put in that register or not.

 

Thanks & Regards,

Poonam.

 

 

[neha desai]

372(A) (8) states the exemptions hence no register is required for those purpose. As per my knowledge.

Others can comment further.

 

Regards,

CS Neha Desai

 

 

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[Jayashree Chandrasekaran]

The investments done,guarantees given etc should be mentioned in the register...if the company is a private limited company then there is no need since 372A is not applicable

Pls clarify your query

Jayashree

 

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C.JAYASHREE

PARTNER

S.GANESH&ASSOCIATES

CHENNAI

98840 17120

[gaurav]

Section 372A (5) states that only those transactions are to be entered into the register to which Section 372A (1) applies. Hence transactions made under Sub Section 8 need not be entered in the said register.

 

If your company is a public company or private company which is a subsidiary of a public company, then you need to maintain 372A register, however u need not make entries  exempted under Sub Section 8 as said above.

 

 

Views of other members solicited.

 

CS Gaurav Shenoy

Assistant Company Secretary

Bangalore

 

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[poonam jain]

Thank u all for ur prompts replies. please tell me also that if the status of compnay has  changed in a manner that it ceased to exempted company in 372A(8) then whether the company is required to maintain register of 372a only for future transactions or for past transactions also.

 

Regards,

Poonam.

[gaurav]

Well, the date of the transaction is more relevant. As on the date of transaction, if the company comes under the exemption, there is no need to make any entries in the register. Morever, clear reading of Section 372A (5)(b) tells that entries in the register needs to be made within 7 days of the transaction, so definitely it cannot be for past transactions, it has to be for the future.

 

Hope this clarifies.

 

CS Gaurav Shenoy

Assistant Company Secretary

Bangalore