Here is a article on practical problem on Company's Act , section 297. In a complex situation. It may help you to understand in detail the implication of Section 297
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Practical problem of Sec 297 -companies act
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| Originally posted by : TAPASH | ||
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PRACTICAL PROBLEM ON SEC 297 (EDU-49-AD-29.049.10) TRANSACTIONS WITH DIRECTORS Example
1. We are three pvt. Ltd. Companies 2. We also have a pertnership firm. 3. Directors Partners Company1 Sunil Khanna and Dinesh Kumar Company 2 Sunil Khanna and Jacob George Company 3 Rashmi Khanna and Sumeet Saxena Partnership Firm Rashmi Khanna and Rishi Dayal ( Rashmi khanna is wife of Mr. Sunil Khanna ) All companies and firm are dealing in the business of stainless steel commercial food service equipments . 4. Pvt. Ltd. companies have paid up capital less than Rs. one crore each. Clarify if a) Company 1 can make sale to or purchase from partnership firm in a financial year for Rs. 50 lacks or more. b) Company 1, company 2 and company 3 can do transactions of purchase and sale for Rs. 50 lacks or more. c) Is there any formality required for above . |
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In both the above cases Section 297 would be applicable.
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