https://www.taxtmi.com/acts?id=15627 Restriction on non-cash transactions bars a company from entering asset arrangements for non-cash consideration with a director or a person connected to a director of the company or its holding, subsidiary or associate unless prior approval is obtained by resolution in the company's general meeting (and by the holding company where applicable). Notices for such approvals must state arrangement particulars and asset values calculated by a registered valuer. Contravening arrangements are voidable by the company, except where restitution is impossible and indemnity is provided, or where rights were acquired bona fide for value without notice. en-us Thu, 22 Dec 2011 10:57:39 +0530 Thu, 22 Dec 2011 10:57:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=15627 Restriction on non-cash transactions bars a company from entering asset arrangements for non-cash consideration with a director or a person connected to a director of the company or its holding, subsidiary or associate unless prior approval is obtained by resolution in the company's general meeting (and by the holding company where applicable). Notices for such approvals must state arrangement particulars and asset values calculated by a registered valuer. Contravening arrangements are voidable by the company, except where restitution is impossible and indemnity is provided, or where rights were acquired bona fide for value without notice. Act-Rules Bills Thu, 22 Dec 2011 10:57:39 +0530 https://www.taxtmi.com/acts?id=15627