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of <h1>Companies Act Section 192: Non-Cash Deals with Directors Need General Meeting Approval; Violations May Void Transactions</h1> Section 192 of the Companies Act, 2013 prohibits companies from entering into non-cash transactions involving directors or connected persons without prior approval via a resolution in a general meeting. This applies to transactions where a director or connected person acquires assets from the company, or vice versa. If the director is from the holding company, approval from the holding company's general meeting is also needed. Notices for such resolutions must include arrangement details and asset valuations by a registered valuer. Transactions violating these provisions are voidable unless restitution is impossible, or rights were acquired in good faith without knowledge of the contravention.
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