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Supply of certain components for a period

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Reference no: EM132916886

Shahzain Machineries limited (SML) is a public limited company, having a paid-up share capital of Rs. 50 million. SML proposes to enter into contracts with the following parties for the supply of certain components for a period of five years with effect from January 1, 2019.

1. Falcon Forgings Private limited, where Mr. Shehzad, a director of SML, is interested as director and member.

2. Superior Casting Limited, where Ms. Kiran Khan, a director of SML, is interested as a member holding 25% of paid-up capital.

Required:

Considering the above scenario, state briefly the legal requirements to be complied with under section 205 and 207 of Companies Act, 2017, to give effect to above proposal.

Reference no: EM132916886

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