Section 297

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pnayal (Querist)
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02 November 2012 Sir,thanks so much for resolved my query.
plz let me know if a pvt.co. provide to another co. its trade name for royalti whether section 297 will applicable, if applicable whether central govt. approval is reuired.

Ajay Mishra

Ajay Mishra (Expert)
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02 November 2012 Hi

Section 297 does not apply to:

1. Giving or taking loans.
2.Contract in respect of immovable property (as it is not 'good' ).{Letter No. 9/4190-CL-X dated 27.03.1990}.
3.Contract between two public Companies.
4.Contract of employment of director or managing or whole time director.[ Circuler No.8/11/75-CL-V dated 27.03.1975]
5.Contract for employment of relative of director.
6.Contract entered into by the company with the dealer on principle to principle basis. [Circuler No. FM 8/297/56-PR dated 02-08-1956]
7. Professional services of the nature given by firms of solicitors and advocates, etc.[circuler No. 8/11/75-CL-V dated 05.06.1975]
8.hiring of office premises on rent as the transaction is in immovable property. [Department Clarification dated 10-09-1990]

All other contract will be covered under section 297 except above mentioned.

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