Applicability of section 297 of companies act, 1956
This query is : Resolved
archana shah
(Querist)
12 September 2011
If A Ltd. (holding Co.) comes into contract with B Pvt. Ltd. (Subsidiary of A Ltd.)whether A Ltd. has to follow the provisions of Section 297 of the Act.
CS Suraj Arora
(Expert)
17 September 2011
Dear Archana
The Answer of your query is No.the provisions of section 297 will not apply.
As B ltd is a subsidiary of A ltd which is a public ltd company.Now as per the provisions of section 3(1)(iv)(c) of the Companies Act 1956 a private ltd which is subsi of public ltd is a public company.
then as on two ppublic ltd companies provisions of setion 297 is not applicable.
I hope your query is solved.
The Answer of your query is No.the provisions of section 297 will not apply.
As B ltd is a subsidiary of A ltd which is a public ltd company.Now as per the provisions of section 3(1)(iv)(c) of the Companies Act 1956 a private ltd which is subsi of public ltd is a public company.
then as on two ppublic ltd companies provisions of setion 297 is not applicable.
I hope your query is solved.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
