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.
CA. B.SRINIVASULU
(Expert)
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.
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