Whether provisions of the section extend to contracts with public as well as private companies in which directors are interested

Whether provisions of the section extend to contracts with public as well as private companies in which directors are interested https://www.taxtmi.com/circulars?id=10625 The provision captures a director's interest "in any way directly or indirectly," extending its reach beyond rules limited to specified direct contracts and applying to contracts with both public and private companies. The term "body corporate" in the clause is to be read by reference to the statutory definition and is not limited to private companies, thereby applying to corporate entities generally for the purpose of regulating directors' interested contracts. en-us Fri, 15 Jun 1956 00:00:00 +0530 Tue, 21 Jun 2011 13:57:00 +0530 TaxTMI RSS Generator Whether provisions of the section extend to contracts with public as well as private companies in which directors are interested https://www.taxtmi.com/circulars?id=10625 The provision captures a director's interest "in any way directly or indirectly," extending its reach beyond rules limited to specified direct contracts and applying to contracts with both public and private companies. The term "body corporate" in the clause is to be read by reference to the statutory definition and is not limited to private companies, thereby applying to corporate entities generally for the purpose of regulating directors' interested contracts. Circulars Companies Law Fri, 15 Jun 1956 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10625