Hi All
Kindly apprise if section 297 of the Companies Act 1956 is applicable on purchase of shares from a director and his wife (holding shares in other company) by the company to make the other company its wholly owned subsidiary.
Just to share that neither the company nor the director and his wife are in business of selling or purchasing of shares ans its just for the investment purpose.
Thanx
Hi Siddharth,
The transfer does not form part of Section 297 unless the director entitles himself for any commission related to such transfer.
Thanks & Regards
Amit Mishra
Austin Med Solutions Pvt Ltd
Bengaluru
CA
View Details
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
Synergy Keystone
Mumbai
CA
View Details
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
CCI
Pro
CAclubindia
