30 May 2009
1.) whether central government permission required for the transaction between holding and subsidiary compay u/s. 297, if both the companies are private limited and paid up capital is in excess of Rs. 1 crore.
2.) A company having a paid up capital of Rs. 50 lacs employes full time company secretary then whether the company requires to obtain compliance report u/s 383A from a practising company secretary ?
1) If the transaction is related to the goods, materials or services, yes Central Government permission is required.
2) A Company having a paid up capital of Rs.50 lacs need not required to employe a full time Company Secretary but yes it required to take a Compliance Certificate Report from a Praciting Company Secretary and required to file the same with the Director's Report, Balance Sheets, P & L filed with ROC.
If you need any further clarification, pl feel free to contact.
03 June 2009
1. Yes Central Govt approval u/s section 297 is very much applicable in your case. The same is not applicable only if the contractee company is a public company.
2. In your case you have to file Compliance Certificate Report from a Praciting Company Secretary even if you have appointed a whole time CS.
CAclubindia
