27 May 2011
Our is a private Limited Company . We are purcahsing one of the raw material from our Group company which is public limited company .We are having one common director in both the companies and ultimate holding company is same for us .Now whether section 297 is applicable to our purchase from our group company . Is section 297 applicable to public limited company only not to private limited company .
From your Company's perspective, provisions of Section 297 will not be applicable.
However, from the other Party's perspective, which is a Public Limited Company, the provisions of section 297 will be applicable and must be complied with.
Section 297 is applicable to both Public and Private Limited Company in case of contracts between the specified parties.
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