Discuss the possible consequences for inge martins

Assignment Help Taxation

Reference no: EM133449158

Case Study: Inge Martins is one of the Directors of Blackcurrant (Pty) Ltd. Blackcurrant (Pty) Ltd is a manufacturer and supplier of iced teas and juices and is situated in Germiston. The iced teas and juices are bottled in glass containers and supplied to restaurants and
cafés across South Africa. During a Directors' meeting, Inge Martins and the rest of the Directors discussed a possible contract with a new glass bottle supplier, Millennium Glass (Pty) Ltd. Inge Martins owns 25% of the ordinary shares in Millennium Glass (Pty) Ltd and has not disclosed this fact to the rest of the Blackcurrant (Pty) Ltd Board.

Questions:

4.1 Identify, in terms of the Companies Act 71 of 2008, whether Inge Martins is required to disclose the shares she holds in Millennium Glass (Pty) Ltd to the rest of the Board of Blackcurrant (Pty) Ltd. (Give good explanations)

4.2 Provide all the information that needs to be disclosed in terms of the personal financial interest of a Director in terms of the Companies Act 71 of 2008.

4.3 With reference to the requirements of the Companies Act 71 of 2008, discuss the possible consequences for Inge Martins if she does not disclose the interest she holds in Millennium Glass (Pty) Ltd.

Reference no: EM133449158

Questions Cloud

How it protects patient privacy how it improves efficiency : How it protects patient privacy How it improves efficiency What settings they are best used in.

Do you believe social media is harming : Based on the article, do you believe social media is harming our mental health? Why or why not? Support your thoughts with information from the article

What if the american justice system dismantled : What if the American justice system dismantled its current trend of incapacitation through incarceration, and adopted sweeping restorative justice strategies?

What is the frequency of the ripples : What happens to the ripples as you move the amplitude slider and What is the frequency of the ripples

Discuss the possible consequences for inge martins : Identify, in terms of the Companies Act 71 of 2008, whether Inge Martins is required to disclose the shares she holds in Millennium Glass (Pty) Ltd

Make a list of any new problems cara is experiencing : Make a list of any new problems Cara is experiencing. Do any of cara's new problems correlate with you previous prognosis

Failed the glucose tolerance test : Blood glucose was 240, abdominal girth was greater than anticipated, her urine tested positive for ketones, and she failed the glucose tolerance test

Describe the analyst process to master and analyze data : Describe the analyst's process to master and analyze data, including reference to specific methodologies. Why is this process increasingly important

What are the intercompany item, the corresponding items : What are the intercompany item, the corresponding items, and the recomputed corresponding items? In what year(s) does the consolidated group include P's gain

User Account

All Pages