Section 297 of the companies act, 1956

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2012 I have a query regarding 297 of the companies Act, 1956. the query is that, weather approval of CG u/s. 297 for transactions like commission, freight, etc is required to be taken even if the paid up capital of the company is les than 1CR.

Please reply soon...

Jiten Gupta

Jiten Gupta (Expert)
Follow

16 February 2012 Not applicable if paid up capital is less than 1 crore...

Further for 297 is applicable only for following transaction:
(a) for the sale, purchase or supply of any goods, material or services; or

(b) for underwriting the subscription of any shares in, or debentures of, the company: