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Section 297

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Querist : Anonymous

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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
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Anusha

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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
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SANYAM ARORA

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SANYAM ARORA (Expert)
19 July 2012 Agreed with Anusha
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Querist : Anonymous

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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 ??
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