section 297
This query is : Resolved
11 February 2010
Hi There
Need a clarification in this case :
1. A Ltd and B Private Ltd have two common directors with more than 2% shareholding in both companies. B( P) Ltd is in travel agency business. A Ltd purchases air tickets for its common director through B(p) Ltd and makes payment by cheque. Is it a contract covered by section 297 of the Companies Act 1956?
2. A Ltd and B Private Ltd have one common director with more than 2% shareholding in both companies. B( P) Ltd is a share broking company. A Ltd buys & sells shares of different companies through B (p) Ltd and makes payment by cheque. B (p) Ltd charges usual brokerage. Is it a contract covered by section 297 of the Companies Act 1956?
Thank You ...
Need a clarification in this case :
1. A Ltd and B Private Ltd have two common directors with more than 2% shareholding in both companies. B( P) Ltd is in travel agency business. A Ltd purchases air tickets for its common director through B(p) Ltd and makes payment by cheque. Is it a contract covered by section 297 of the Companies Act 1956?
2. A Ltd and B Private Ltd have one common director with more than 2% shareholding in both companies. B( P) Ltd is a share broking company. A Ltd buys & sells shares of different companies through B (p) Ltd and makes payment by cheque. B (p) Ltd charges usual brokerage. Is it a contract covered by section 297 of the Companies Act 1956?
Thank You ...
11 February 2010
Dear santosh
Check the applicability of Sec 297.
Check the applicability of Sec 297.
12 February 2010
Sir i am confused that is y i am asking you people for clarification
12 February 2010
Dear Santhosh ji,
Any transaction done at market rate is not covered under this section.
Regards
Any transaction done at market rate is not covered under this section.
Regards
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