Dear All,
Companies A, B & C are under the same Management. Company A holds 30% paid up capital of B. And Company C is a wholly owned subsidiary of Company A.
Company B is proposing to open a Currency Derivatives Trading Account with Company C. My query is whether section 299 will be attracted and applicable to both the companies?
As 299 (6) states
In our case Company B does not hold any shares Company C.
According to me, directors are to be considered as interested directors and sec. 299 will be applicable to both companies
Require your advice.
Thanks & Regards,
Shreya Shah
