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Sec 297(1) does not apply to....

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(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?
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Ajay Mishra

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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
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CS Mitesh Mehta

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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.
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