Dear Professional Colleagues,
I would like to know whether Section 297 will apply to the following transaction:
Mr. A, B, C are the directors of Z Pvt Ltd. as well as Trustees of Trust Y.
Z Pvt. Ltd entered an arrangement/contract with Trust Y for supply of services > Rs. 5000. Paid Capital of Z Pvt. Ltd is > 1 Crore.
Q.No.1. Will Section 297 apply to the above transaction ?
Q.No. 2. Is Central Govt. approval required for the above transaction ?
Q.No. 3. Whether the above transaction should be entered in the Register U/s 301.
Thanks
CAclubindia
