just want to share this insight with u friends
Query:
Director of a construction company(Pvt Ltd) purchased a flat from the same company.
discuss 297 & 299 applicability
1 Replies
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 27 January 2010
Section-297 is not applicable as it is a transaction covering immovable property. Section 297 is not applicable to the transactions of immovable property.
Section-299 is also not applicable as there is no contract or arrangement involved as being a construction co. it is regular business of the co.
Kindly guide me further.
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