Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

sec 297 of companies act

nalini (chief financial officer) (31 Points)

08 September 2010

in sec 297 of companies act kindly clarify what is meant by goods and services, whether electricity power comes under this category.

Reply
Follow
Share

3 Replies

Shivaram (Service) (81 Points)
Replied 09 September 2010

Nalini,

In my view Services do not bear any specific definition though some of their instanes can be cited, like banking, finance, insurance, transport, advertising, warehousing, purveying of news or information etc. However, service contracts do not include those for personal services, such as a contract of employment. Also professional services of the nature given by firms of solicitors and advocates etc., fall outside the sope of section 297 of the Act.

Hope this will be helpful.

Regards

Shiva

Upgrade to CAclubindia Pro. Subscribe Now!

nalini (chief financial officer) (31 Points)
Replied 09 September 2010

shiva, thank you for ur reply, but i need to know how to interpret the electricity power as goods and services or not for the purpose of sec 297 of cos act.