Section 297
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2011
Whether the provisions of section 297 of the Companies Act, 1956 will be applicable in case of a transcation between a Public Limited Company and a Private Company which is a subsidiary of the same Public Company.
As per the amended definition of a Public Company, a Public Company inlcudes a Private Company which is a subsidiary of a Public Company.
Hence, in the above case, the transaction is between two Public Limited Companies and would be exempt from the provisions of Section 297 of the Companies Act, 1956. Am I Correct in my interpretation?????? Experts ur views please!
As per the amended definition of a Public Company, a Public Company inlcudes a Private Company which is a subsidiary of a Public Company.
Hence, in the above case, the transaction is between two Public Limited Companies and would be exempt from the provisions of Section 297 of the Companies Act, 1956. Am I Correct in my interpretation?????? Experts ur views please!
04 April 2011
Yes, your interpretation is correct. A private company which is a subsidiary of a company which is not a private company, is a public company as per Section 3(1)(iv)(c) of the Companies Act, 1956.
Hence the provisions of Section 297 will not be applicable in the case referred to in your query.
Hence the provisions of Section 297 will not be applicable in the case referred to in your query.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
