Sction 297 of the companies ACT
This query is : Resolved
sanjay srivastava
(Querist)
03 July 2010
Dear two pcomnaies - one PVT LTD and another Public LTD. want to form a consortium for Bidding purpose only in the Tendor whether this consortium contract will fall u/s 297 and will i need to central goverment approval if paid up capital is Rs.1.5cr?
Director of the both comanies are 100% same.
Regards
Sanjay Srivastava
Director of the both comanies are 100% same.
Regards
Sanjay Srivastava
05 July 2010
In my view, forming a consortium is not a contract falling under section 297. Reason being no service/goods is provided by the private limited co to the public limited co. The both are forming a consortium to provide service to some other party.
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