Applicability of provision of sec 297 or sec 299
This query is : Resolved
31 March 2008
Question: - Co. X. a Public limited company entered into a contract for purchasing 25 flats with private limited company (Co.Y) having two common directors in between these two cos. Against above contract Co. X had given advance of Rs. 7500000/- to Co. Y. Would above transaction covered under any provision of the company’s act? Please explain us.
03 April 2008
Section 297 will not be applicable, but 299, 300 etc., will be applicable.
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