Dear Friends.
A Company proposes to assign its registered trade mark in favour of its promoter.
Does this transaction attract Section 297. The Company has a paid up capital of more than Rs. 1 Crore
Regards
Rajesh
1 Replies
Ajay Mishra
(Company Secretary)
(74342 Points)
Replied 05 December 2009
Hi
Section 297 applicable all contracts other than those mentioned below:
Section 297 does not apply to:
1. Giving or taking loans.
2.Contract in respect of immovable property (as it is not 'good' ).{Letter No. 9/4190-CL-X dated 27.03.1990}.
3.Contract between two public Companies.
4.Contract of employment of director or managing or whole time director.[ Circuler No.8/11/75-CL-V dated 27.03.1975]
5.Contract for employment of relative of director.
6.Contract entered into by the company with the dealer on principle to principle basis. [Circuler No. FM 8/297/56-PR dated 02-08-1956]
7. Professional services of the nature given by firms of solicitors and advocates, etc.[circuler No. 8/11/75-CL-V dated 05.06.1975]
8.hiring of office premises on rent as the transaction is in immovable property. [Department Clarification dated 10-09-1990]
Regards
Ajay
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