Section 297

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
19 July 2012 my Company is willing to purchase the land from its director will it attract section 297 ?? Is it necessary to get the approval of the shareholders for such contract

19 July 2012 Section 297 will not be applicable.If you go through the Section you can see,it is connected with materials,goods or services only..Land being immovable property will not come under the purview of Section 297.

As far as i understand,share holders approval is not necessary.here you should obtain a declaration from the Director that it is his own property,for accounts purpose.

Any other suggestions are invited

19 July 2012 Agreed with Anusha

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
20 July 2012 can you pls guide me when the approval of central government is required?? and what transaction is covered in section 297 ??


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro

Follow us
add to google news


Answer Query



Company
06 July 2026
Senior Accountant

Arvindkumar Maniar & Co.

Rajkot

CA

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
ARTICLESHIP 23 July 2026
Article

Gianender & Associates

New Delhi

CA Inter

View Details
Company
13 July 2026
AVP / VP - PCG Advisory

Workforce Connect

Mumbai

MBA

View Details
Company
ARTICLESHIP 14 July 2026
Article Assistants

R Shyam and Associates

New Delhi

CA Final

View Details
Company
23 July 2026
Senior Accountant

Felicity Adobe LLP

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 11 July 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
23 July 2026
Semi qualified CA

Garg Bros & Associate CA

New Delhi

CA Inter

View Details