Practical problem of Sec 297 -companies act

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 .