Mahaveer Ltd. dealing in real estate Business in which Mr.Raja is a director,he is also a director in Pranav Pvt. ltd.
Pranave Pvt. Ltd. entered into contract for buying a property from Mahaveer Ltd. . whether this contract will come under the purview of sec.297?
if YES or NO give me the reasons and the duty of director in the above,both the companies are having capital in excess of Rs.1 crore.
Since the transcation is in the nature of 'Immovable Property', provisions of section 297 will not be applicable.
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CS Udit Sharma
CA Suraj Garg & Associates
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