sir,
My company is purchasing goods from one of the Director of the company for which it has non-complied some of the formalities under section 297.
we are buying raw material from our director of the company since 2003-04. the paid up capital of the company was 4.94 crores since 203-04. But we have bought the material at prevailing market price for 1 month credit payment.
We have not filed Form - 24A to ROC since 2003-04 till date. however we have taken consent of Board of Directors.
please tell me there is any escape from this situation.
If we have bought the goods at prevailing market price then can we prove our case by saying that we have taken only one month credit facilty?
What is the meaning of CASH under Section 297(2)(a)?
Whether we are actually a defaulter? If yes, what should we plead to prove our case?
rakes2004 @ gmail.com and auroma9_hd @ yahoo.co.in
I am waiting for your help in this matter....
Thanking you
regards,
Rakesh Srivastava.
CAclubindia
