Section 297 - donations
This query is : Resolved
11 August 2011
If Company A (public limited company) gives donation to Company B (section 25 guarantee company)in which there is a common director, are provisions of Section 297 attracted? will CG approval be rquired in this case?
18 August 2011
Yes, the provisions of Section 297 would be applicable since there is a common director in both the companies. The CG approval must be required only if the paid up capital exceeds Rs. 1 crore.
18 August 2011
To sate facts for your query is that. are you asking with regard to the donation part. if it so then the provision would not be applicable as the section relates to purchase or supply of goods, material or services,etc. However, section 293 may be applicable (pls check it once again)
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