Section 297 of companies act
This query is : Resolved
18 August 2008
as per section 297 of companies act, 1956 central govt approval is required where directors of one company are interested/ same in other company or partly same directors. Question is whether both the companies will have to take approval from central govt or any company can take the approval and it applies to both.
19 August 2008
Approval can be sought by any of the parties involved. Once, the approval for any contract is granted it applies to all the parties involved.
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