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Sample format for permission U/S 297

subodh (Service) (88 Points)

19 June 2009

What is the procedure to obtain permission from govt under section 297 of companies act. Can anyone provide format for permission to be obtained from govt for entering into purchase agreement with a partnership firm in which director of company is partner.

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3 Replies

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 19 June 2009

Hi Subodh,

The application shall be made electronically in e-form 24A along with prescribed fee in companies (Fees on Applications) Rules, 1999.

The power under the proviso to Section 297(1) is delegated to the Regional Directors at Mumbai, Kolkata, Kanpur and Chenni for providing approval by the offices of Regional Directors located in their regions.

Regards

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Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 19 June 2009

Enclosure required to be submitted with the application

1. Copy of Agreement containing particular of contract.

2. Copy of board resolution and proceeding of Meeting.

3. Certified copy of latest amended MOA & AOA.

4. Certified copy of audited Balance sheet and Profit & Loss A/c for last 3 years.

5. Certified copy of minutes of the General Meeting at which proposal was approved, if in case of non availability of quorum of disinterested directors in a public company. (OPTIONAL)

Penalty as provided in Section-629A but the offence is compoundable u/s 621A.