Section 297 of Companies Act, 1956
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 January 2011
If one public company trasact with pvt. ltd. co. which is subsidiary of public company, then section 297 is applicable or not.
udit sharma
(Expert)
10 January 2011
Yes...Section 297 will be applicable in case of a transaction between a Public Company and a Private Company in which a Director of the Company is a Director or member.
Regards
CS Udit Sharma
Regards
CS Udit Sharma
Jayashree S Iyer
(Expert)
11 January 2011
Section 297 is not applicable in case of transactions between a holding public company and its subsidiary as the private company which is a subsidiary of a public company will also be a public company as per privisions of Section 3(i)(iv).
Consequently the transactions will be between two public companies falling outside the purview of Section 297.
Consequently the transactions will be between two public companies falling outside the purview of Section 297.
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