Sec 297(1) does not apply to....
This query is : Resolved
B S VISWANATH
(Querist)
11 July 2012
Dear friends,
Sec 297(1), does not apply to the transaction between a public listed company(say A ltd) and a public company(say B ltd) in which there are common directors & members. am i right?
Sec 297(1), does not apply to the transaction between a public listed company(say A ltd) and a public company(say B ltd) in which there are common directors & members. am i right?
Ajay Mishra
(Expert)
11 July 2012
Hi
Section 297 does not apply to:
1. Giving or taking loans.
2.Contract in respect of immovable property (as it is not 'good' ).{Letter No. 9/4190-CL-X dated 27.03.1990}.
3.Contract between two public Companies.
4.Contract of employment of director or managing or whole time director.[ Circuler No.8/11/75-CL-V dated 27.03.1975]
5.Contract for employment of relative of director.
6.Contract entered into by the company with the dealer on principle to principle basis. [Circuler No. FM 8/297/56-PR dated 02-08-1956]
7. Professional services of the nature given by firms of solicitors and advocates, etc.[circuler No. 8/11/75-CL-V dated 05.06.1975]
8.hiring of office premises on rent as the transaction is in immovable property. [Department Clarification dated 10-09-1990]
Regards
Section 297 does not apply to:
1. Giving or taking loans.
2.Contract in respect of immovable property (as it is not 'good' ).{Letter No. 9/4190-CL-X dated 27.03.1990}.
3.Contract between two public Companies.
4.Contract of employment of director or managing or whole time director.[ Circuler No.8/11/75-CL-V dated 27.03.1975]
5.Contract for employment of relative of director.
6.Contract entered into by the company with the dealer on principle to principle basis. [Circuler No. FM 8/297/56-PR dated 02-08-1956]
7. Professional services of the nature given by firms of solicitors and advocates, etc.[circuler No. 8/11/75-CL-V dated 05.06.1975]
8.hiring of office premises on rent as the transaction is in immovable property. [Department Clarification dated 10-09-1990]
Regards
CS Mitesh Mehta
(Expert)
12 July 2012
Yes
Section 297 does not apply to the contract where both parties to the contract are public companies.
Section 297 does not apply to the contract where both parties to the contract are public companies.
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