Section 297

no CG approval is reqd.

Yes, CG approval is required for companies having paid up cap of rs. 1 crore or more.

Companies having less than Rs. 1 crore capital has to pass a BR for consent of BOD.

Where PUC of the company less than 1 crore -prior approval of BOD required

However Incase of necessity  Co. can puchase or sale without the approval of BOD,

Provided that same approved with in 3 month after that transaction.

Such contract is voidable at the option of Board

Specimen of BR is attached

Agree with CS.Shridhi Jain.

Yes, CG approval is essential to validate the transactions for the Company whose paid up capital is more than 10 Millions, otherwise it may go into default and require tobe compounded u/s 621A.

CS Nilesh Vitekar