section 297 & 299
This query is : Resolved
Pratik Dhodia
(Querist)
30 April 2011
Mr. A is a director of Co. ABC pvt. Ltd. and a Director/member in XYZ Co. pvt. Ltd., holding of Mr. A in XYZ is less than 2% , now if there is any contract(purchase / sale) between ABC pvt. Ltd & XYZ Co. pvt. Ltd, for will it attract provision of section 297 inspite of fact that Mr. A whose holding is below 2% in XYZ Co. pvt. Ltd.
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Reply.
Pravin Gupta CS
(Expert)
02 May 2011
sec. 297 attract on this case inspite of the shareholding is less than 2%..... a Board approval require for the said transaction ( if paidup capital is more than Rs. 1 crore than Approval of Central govt also require)
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