section 297

This query is : Resolved

Parashar (Querist)
Follow

06 September 2010 it is mandatory that both the affected companies should file the application under section 297 of the companies act, 1956

kindly advise

SANJAY TALATI

SANJAY TALATI (Expert)
Follow

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.

Message likes : 1 times