companies act

This query is : Resolved

gulamabbas (Querist)
Follow

03 December 2009 A is a pvt ltd company having B a subsidiary pvt ltd co. Paid up capital of A IS less than Rs 1 Crore and of B is more than Rs 1 crore

A wants to sell goods to B at fair market value.Goods being sold are regular business of A. Payment will be by chq in 60 days

Pls adv whether Bneeds to take approval of Central Govt as per section 297 or it is exempted

Ankur Garg

Ankur Garg (Expert)
Follow

03 December 2009 Hi,

As per the info provided by you exemption conditions mentioned in section 297(2)(a) are fulfilled. So you are outside the preview of section 297(1)(a) and consequently outside the section 297(1).

To conclude section 297 is not applicable to your case and no need to take CG approval.

Views of other experts solicited.

Regards

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHUBHANGI GOEL

Shailesh Prajapati

Adesh Mahajan

Angadi & Co

Jaipal Singh

Subscribe Now

companies act

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

Article Assistant

GST CONSULTANT