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Section 297 companies act 1956

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(Querist)
11 June 2014 In my company's balance sheet for 2011 there was share application money to the tune of Rs. 7 Crores received from promoters and a private limited company with common directors

Now ROC slapped me a notice that it will be treated as contract under section 297 under companies act 1956.

my question do share application money as on the date of balance sheet be treated as contract u/s 297.

please clarify with a case study
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
11 June 2014 this transaxction is out of scope of sec 297 of co act 1956,
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SUSANTA KUMAR NAYAK

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SUSANTA KUMAR NAYAK (Querist)
17 June 2014 I know it will not cover u/s 297 but the ROC needs a case study
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