section 297
This query is : Resolved
06 September 2010
it is mandatory that both the affected companies should file the application under section 297 of the companies act, 1956
kindly advise
kindly advise
06 September 2010
Sec. 297 is not attracted in case of the contracts entered into between two public limited Companies. Further, if Sec. 297 is attracted , then the compliance is to be made by Public company.Where out of the two companies , one is having a paid up capital of Rs. 1 crore and more and other having less than Rs. 1 Crore, the Company having a paid up capital of more than Rs. 1 Crore is to apply to CG.
If both have more than Rs. 1 Crore of capital , then application to CG (Regional Director) is to be made by both the companies.
If both have more than Rs. 1 Crore of capital , then application to CG (Regional Director) is to be made by both the companies.
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