TaxTMI 
TaxTMI 
2016 (12) TMI 186
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....4. Consequent upon the establishment of National Company Law Tribunal Bench at Bengaluru, the said case was transferred to this Tribunal on abolition of Company Law Board, Southern Region, Chennai Bench and renumbered as T.P 134/2016. The averments in the petition are briefed hereunder: The lst applicant is a company Registered under the name and style of "PERSONAL PERFORMANCE CONSULTANTS INDIA PRIVATE LIMITED" incorporated vide Registration No. U74910KA2005PTC036515 on 09/06/2005. The Registered office of the company is situated at 2nd Floor, No. 570 & 571, 3rd Block, Koramangala, Bangalore-560034. The Applicant Nos. 2 and 4 are Directors of the Applicant Company and Applicant No. 3 was the past Director of the applicant company. The Aut....
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....s of the Members or creditors or others dealing with the Company. The default in any way not affected the public interest and the default is not wilful. The Board of Directors of the Company in the meeting held on 20/06/2014 passed a resolution for suo motu application for compounding the violation We have heard the Practicing Company Secretary Sri Rajesh Dwarka Sharma for the Petitioners. In the course of hearing the Practicing Company Secretary has filed copies of disclosures statements of the Directors. Further the Practicing Company Secretary filed Sworn Affidavit of the Director of the Company stating that the company had not entered into any contracts or arrangements in which any Directors of the company were interested or concerned ....
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....4. Section 299(3) of the Companies Act, 1956 reads as follows: (a) For the purpose of sub-sections (1) and (2), a general notice given to the Board by a Director, to the effect that he is a director or a member of specified body corporate or is a member of a specified firm and is regarded as concerned or interested in any contract or arrangement which may, after the date of notice, be entered into with that body corporate or firm, shall be deemed to be a sufficient disclosure of concern or interest in relation to any contract or arrangement so made. (b) Any such general notice shall expire at the end of the financial year in which it is given, but may be renewed for further period of one financial year at a time, by a fresh notice given ....