Boards sanction to be required for certain contracts in which particular directors are interested. However, it does not apply to the contracts where both the parties to the contract. Full text containing the act, companies act, 1956, with all the sections, schedules, short. Section 297 in the companies act, 1956 indian kanoon. Section 297 and 299 of the companies act, 1956 taxguru. Companies act, 1956 1 of 1956 so repealed under section 465 of this act v such. Application of section 295 to book debts in certain cases. Addition of respondents to application under section 397 or 398. Notice to registrar of consolidation of share capital, conversion of shares into stock. Companies act 1956, 20 pdf bare act, bare act pdf, law. Updated and amended bare acts in pdf format of companies act 1956 and companies act 20. Most of the provisions under section 188 of 20 act are quite similar to the requirements under sections 297 and 314 of the 1956 act. Companies act, 1956 bare acts law library advocatekhoj.
Section 297 applies to all companies, public as well as private. This is the second part of the series, which will focus on the exceptions to the section 297, 299 and 300 of the companies act, 1956. Section 299 applies to any contract or arrangement to which a company is party and in which a director is interested. Companies not to be registered with undesirable names 21. I am directed to say that instances have come to notice in which applications were made simultaneously for seeking approval of the central government under the proviso to section 297 1 of the companies act, 1956 as well as under other provisions viz, section 269 or section 294aa or section 3141b of the act in respect of same contracts. Share capital to stand increased where an order is made under section 814 95. After its notification on 26th march, 2014, section 188 of the companies act, 20. Board s sanction to be required for certain contracts in which particular directors are interested. Related party transaction regime india law journal. Section 2931 in the companies act, 1956 1 the board of directors of a public company, or of a private company which is a subsidiary of a public company, shall not, except with the consent of such public company or subsidiary in general meeting. Section 2971 in the companies act, 1956 indian kanoon.
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