Section 301
This query is : Resolved
19 February 2009
Company A & B have a common director in between. Company A purchased Fixes Assets (Motor car) from Company B.
Whether it is covered under section 297 and whether needs to be diclosed in sec. 301 register of companies?
Whether it is covered under section 297 and whether needs to be diclosed in sec. 301 register of companies?
CA. B.SRINIVASULU
(Expert)
20 February 2009
Section 297 will attract when transaction is for purchase or sale of goods or obtaining or rendering services.
Since in your case you are telling that motor car. Motor car will not fall under the purview of section 297. Therefore the section is not attracted.
However you have enter these contract n register maintained as per section 301 because the transaction is between interested companies.
Since in your case you are telling that motor car. Motor car will not fall under the purview of section 297. Therefore the section is not attracted.
However you have enter these contract n register maintained as per section 301 because the transaction is between interested companies.
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