Section 297
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2011
I have query regarding applicability of section 297 in case of transaction between a public ltd and a pvt. ltd. co.
i) X public ltd. and Y Pvt. ltd company are JV partners and the share of X pub. ltd. is 49%.
ii) There are two nominee directors in Y pvt. ltd co. of whom one is the director in X pub. ltd. co.
iii) X ltd providing services to Y Pvt. ltd on daily basis.
i) X public ltd. and Y Pvt. ltd company are JV partners and the share of X pub. ltd. is 49%.
ii) There are two nominee directors in Y pvt. ltd co. of whom one is the director in X pub. ltd. co.
iii) X ltd providing services to Y Pvt. ltd on daily basis.
07 January 2011
Section 297 is applicable to X Public Ltd. Board sanction is required. If the paid up capital is >1 crore, X Public Ltd is required to take CG approval as well.
However Section 297 does not apply to Y Pvt. Ltd.
However Section 297 does not apply to Y Pvt. Ltd.
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2011
Thanks for the response.
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