kishore choudhury (article asst.) (114 Points)
11 January 2011Mahaveer Ltd. dealing in real estate Business in which Mr.Raja is a director,he is also a director in Pranav Pvt. ltd.
Pranave Pvt. Ltd. entered into contract for buying a property from Mahaveer Ltd. . whether this contract will come under the purview of sec.297?
if YES or NO give me the reasons and the duty of director in the above,both the companies are having capital in excess of Rs.1 crore.
udit sharma
(Company Secretary)
(2303 Points)
Replied 11 January 2011
Since the transcation is in the nature of 'Immovable Property', provisions of section 297 will not be applicable.
God Bless
CS Udit Sharma
CAclubindia
