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

Anusha (Expert)
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



Answer Query



Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
19 October 2026
Accountant

Jari Saree Center

New Delhi

Others

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details