Section 297 of companies act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 February 2012
Sir,
Can anyone clarify me whether section 297 of the companies act is applicable to transaction between public company and sole proprietorship which is carried on by the director of the company?
Can anyone clarify me whether section 297 of the companies act is applicable to transaction between public company and sole proprietorship which is carried on by the director of the company?
10 February 2012
Yes applicable.
https://www.caclubindia.com/forum/an-analysis-of-section-297-of-the-companies-act-1956-187681.asp
Check out above link for details.
https://www.caclubindia.com/forum/an-analysis-of-section-297-of-the-companies-act-1956-187681.asp
Check out above link for details.
11 February 2012
Agree with expert, it is applicable..
Doing contract with Sole Proprietorship means doing contract with owner of such proprietorship who in your case is Director.
And where a company enters into contract with Director, 297 comes into picture..
Doing contract with Sole Proprietorship means doing contract with owner of such proprietorship who in your case is Director.
And where a company enters into contract with Director, 297 comes into picture..
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