Draft Board Resolution for Contracts (301)

[Sathya Reddy]

Dear Members

 

pls provide me Draft Resolution for the Register of Contracts (301 Register). its urgent pls provide ASAP.

 

Thanks & regards

Sathya.

900810223

 

 

[Abhishekh Kanoi]

The Chairman places before the Board the register of Contracts pursuant to the provisiosn of Section 301 of the Companies Act, 1956 with regard to the contracts enetered into between the Company and --------------- for the ---------------------

 

The Board discussed the matter and passed the following resolution unanmously:

 

"RESOLVED THAT purusant to the provsions of Section 301 and any other applicable provisions, if any, of the Companies Act, 1956, the Register of Contracts as placed before the Board and duly initialed by the Chairman for the purpose of identifcation with regard to the contracts enetered into between the Company and --------------- for the -------------------- be and is hereby approved."

 

Best Regards,

 

--
CS Abhishekh Kanoi
Hand-Phone-+91-9811660240
Alternate Email: csabhish...@gmail.com
csabhish...@yahoo.com

 

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[Sathya Reddy]

Thank you very much sir

[A. Narayanan]

Dear Mr CS Abhishekh Kanoi,
I find the draft resolution is wanting in many aspects vis a vis
compliance with the statutory requirements. As per the draft
resolution, what is approved is the register of contracts which is not
contemplated in the section. What is warranted is, (a)the particulars
of contract or arrangement to which S.297 or 299 apply must be entered
in the said register, (2) the register must be placed before the next
board meeting and (3) it must be signed by directors . Signing by all
the directors attending the meeting at which the register is placed is
mandatory. Signing by the chairman is not sufficient. The
information to be entered in the register is specified in the
section. Simply stating that 'relating to .... contract ...' will not
do. Therefore the resolution as drafted by you requires refinement.
This is my humble opinion.
With regards,
A.NARAYANAN, B.Sc., B.L., A.C.S.
ADVOCATE
Mobile: 09283344607

[Abhishekh Kanoi]

Noted!!!!

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[Sathya Reddy]

if the draft resolution in this mail is not sufficent means pls tell me what details to be included in the Draft Resolution for contracts and also give step wise details, how to maintain the Register  of contract and what are the supporting documents is to be created.

 

regards

Sathya M.com (LLB) (CS)

OMCPL

9008102223