Section 297
This query is : Resolved
06 December 2010
Hi...
Will section 297 of the Companies Act, 1956 have to be complied with in case a Public Company proposes to enter into a contract for purchase, sale,supply of goods, materials or services with a Sole Proprietorship firm of which the Director of the Company/or his relative is a proprietor??????
Section 297 covers a firm in which the Director of the Company/or his relative is a partner or any partner of such firm but whether proprietorship firm is covered??????
Will section 297 of the Companies Act, 1956 have to be complied with in case a Public Company proposes to enter into a contract for purchase, sale,supply of goods, materials or services with a Sole Proprietorship firm of which the Director of the Company/or his relative is a proprietor??????
Section 297 covers a firm in which the Director of the Company/or his relative is a partner or any partner of such firm but whether proprietorship firm is covered??????
06 December 2010
If you see in realty the contract would be between the director and the relative only as the proprietor is the relative and hence it will covever proprietorship also.
07 December 2010
Hi Udit,
Proprietorship firm is nothing but the sole proprietor himself.
Thus when a director of the Company is the proprietor of the proprietorship firm he is covered by the words "a director of the company ......."
Hence Section 297 has to be complied with in the case referred to hereunder.
Proprietorship firm is nothing but the sole proprietor himself.
Thus when a director of the Company is the proprietor of the proprietorship firm he is covered by the words "a director of the company ......."
Hence Section 297 has to be complied with in the case referred to hereunder.
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