06 September 2010
Sec. 297 is not attracted in case of the contracts entered into between two public limited Companies. Further, if Sec. 297 is attracted , then the compliance is to be made by Public company.Where out of the two companies , one is having a paid up capital of Rs. 1 crore and more and other having less than Rs. 1 Crore, the Company having a paid up capital of more than Rs. 1 Crore is to apply to CG. If both have more than Rs. 1 Crore of capital , then application to CG (Regional Director) is to be made by both the companies.
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