Sec-297 of company act
This query is : Resolved
27 January 2009
Director of my company is also a director of foreign company which has a status of LLC as per US laws.Now we want to do business with that foreign company. Is section 297 applies here and is central govt approval required here.
29 January 2009
You should check whether this director can control the operations of that foreing company in any way.
(1) Holding shares for voting power.
(2) Whether he is the chairman of that board
(3) Whether he can controll that business.
diretly or indirectly with his relatives.
If controlling interst is there and the contract is for supply or purchase of materials or service then you should ge central government permission under sec 297.
Form no.24A of mca has to be filed.
You should check whether this director can control the operations of that foreing company in any way.
(1) Holding shares for voting power.
(2) Whether he is the chairman of that board
(3) Whether he can controll that business.
diretly or indirectly with his relatives.
If controlling interst is there and the contract is for supply or purchase of materials or service then you should ge central government permission under sec 297.
Form no.24A of mca has to be filed.
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
- Supply through E-commerce Operators
- STCG....................................................
- TAN for Partnership
- Relief u/s Section 89
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- GST ON DAMAGED GOODS
- Taxation on LTCG for property sold after 24JUL2024
- Loan by Partnership Firm
- Suggestions required for income tax filing-software (FY 2025-26)
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
