section 297 and 383A

This query is : Resolved

SHRIPAT PINCHA (Querist)
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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 ?

CS. Ashish Shah

CS. Ashish Shah (Expert)
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02 June 2009 Dear Shripat,

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.

Regards,

Ashish Shah

Ankur Garg

Ankur Garg (Expert)
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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.

Best Regards

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