Section 297 approval
This query is : Resolved
31 January 2012
Frdz,plz clarify whether e form 24A may be used for the simplified procedure for obtaining online approval of central government under section 297 of the companies act....
MCA in its circular no: 52/2011 dated 25 July 2011 in para 2 has mentioned that the application need to be made in new e form with the prescribed fee.
as u all know, the major highlight of the process is that such contract has to be approved by shareholders by way of special resolutions in a general meeting, and seek the approval online.
plz guide.
MCA in its circular no: 52/2011 dated 25 July 2011 in para 2 has mentioned that the application need to be made in new e form with the prescribed fee.
as u all know, the major highlight of the process is that such contract has to be approved by shareholders by way of special resolutions in a general meeting, and seek the approval online.
plz guide.
31 January 2012
Yes, E-Form 24A available at Ministry Website can be used for the purpose of section 297 as well as for the circular 52/2011
Process would be as follows
Convene Board Meeting and General Meeting (Special resolution) with regard to following point...
(i) Proposed contract is competitive, at an arm’s length, without conflict of interest and is not less advantageous to it as compared to similar contracts with other parties.
(ii) The company has not made any default in repayment of any of its debts (including
public deposits) or debentures or interest payable thereon and has filed its upto date
Balance Sheets and Annual Returns with the Registrar of Companies;
(iii) The proposed contract is falling within the provisions of section 297 of the Act and provisions of sections 198, 269, 309, 314 and 295 are not applicable in the proposed contract.
(iv) The company and its Directors have complied with the provisions of sections 173, 287, 299, 300, 301 and other applicable provisions of the Companies Act, 1956 with regard to the proposed contract.
File E Form 23
Take approval of CG by filing 24A
attach Resolution passed in BM and GM with E-Form 24A..
Process would be as follows
Convene Board Meeting and General Meeting (Special resolution) with regard to following point...
(i) Proposed contract is competitive, at an arm’s length, without conflict of interest and is not less advantageous to it as compared to similar contracts with other parties.
(ii) The company has not made any default in repayment of any of its debts (including
public deposits) or debentures or interest payable thereon and has filed its upto date
Balance Sheets and Annual Returns with the Registrar of Companies;
(iii) The proposed contract is falling within the provisions of section 297 of the Act and provisions of sections 198, 269, 309, 314 and 295 are not applicable in the proposed contract.
(iv) The company and its Directors have complied with the provisions of sections 173, 287, 299, 300, 301 and other applicable provisions of the Companies Act, 1956 with regard to the proposed contract.
File E Form 23
Take approval of CG by filing 24A
attach Resolution passed in BM and GM with E-Form 24A..
Message likes :
1 times
01 February 2012
so, lets forget abt a new form specifiaclly for the purpose and stick on to 24a.
thanks
thanks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- FORM 26A APPLICABILITY
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
