Applicability of Section 297

Hi dear all,

Please guide me on my following query;

We are private limited Indian Co. which is subsidiary of Japanies ltd. co. ,we regularly trade with parent co. through our purchase sell contract ; 

these Co .are closely held Co. having common directors.

Plese tell me is it require to take Govt approval for regular sale purchase contract of the Co. U/S 297

We have taken FIPB approval for our collaboration is it sufficient and if any approval is required what is procedurre to take this approval.

Thanking you in advance for your reply