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Section 297 of the companies act, 1956

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Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2012 I have a query regarding 297 of the companies Act, 1956. the query is that, weather approval of CG u/s. 297 for transactions like commission, freight, etc is required to be taken even if the paid up capital of the company is les than 1CR.

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Jiten Gupta

Jiten Gupta (Expert)
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16 February 2012 Not applicable if paid up capital is less than 1 crore...

Further for 297 is applicable only for following transaction:
(a) for the sale, purchase or supply of any goods, material or services; or

(b) for underwriting the subscription of any shares in, or debentures of, the company:

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