Dear friends,
Sec 297(1), does not apply to the transaction between a public listed company(say A ltd) and a public company(say B ltd) in which there are common directors & members. am i right?
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Sec 297(1) does not apply to .....
Replies (2)
If the contract is between two public companies, be it listed or not, the provisions of section 297 are not attracted.
think green be green
Firtstly, sec - 297 is applicable to both public and private companies......
But in the definition of specified parties, public company is not covered
so if contract is entered between 1. private and public 2. public and public then this section is not applicable.
In summary, if other party is public co. then sec - 297 is not applicable
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