basant kumar sahoo (cs) (32 Points)
16 May 2012Dear Freinds,
Our Company is closely held limited company have been sales its final products to its subsidiary companies at USA & Singapore. my quostion is whether the sales (export made) made by the company to its subsidiaries companies at outside India attact the provisions of section 297 of the Companies Act,1956. Please comments .
with Regards,
CS B.K.SAHOO
prakash
(Company Secretary)
(1352 Points)
Replied 16 May 2012
Contracts between two public companies are outside the perview of section 297, anyway your company is holding , then as per section 3(1) (iv) (c) of the Companies Act, the subsidiary company treated as a deemed public company and consequently section 297 will not apply.
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