applicability of Section 297

This query is : Resolved

Gargi Ranade (Querist)
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23 February 2009 Hi dear all,

Please guide me on my following query;

We are private limited Indian Co. which is subsidiary of Japanies ltd. co. ,we regularly trade with parent co. through our purchase sell contract ;

these Co .are closely held Co. having common directors.

Plese tell me is it require to take Govt approval for regular sale purchase contract of the Co. U/S 297

We have taken FIPB approval for our collaboration is it sufficient and if any approval is required what is procedurre to take this approval.

Thanking you in advance for your reply

Jagruti (CS)

Jagruti (CS) (Expert)
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14 April 2009 exemption can be availed if one of the Company is Pvt. Ltd.

Central Govt approval is required only if paid up capital of ur Co. is not less than rupees one crore.