Section 297 under companies act 1956 pdf

Section 299 does not apply to companies incorporated under section 25 of the companies act, 1956, in respect of the cases to which subsections 1 and 3 of the section 297 applies. No officer of the lending company or of the borrowing body corporate shall be punishable under sub section 4 or shall incur the liability referred to in sub section 5 in respect of any loan made, guarantee given or security provided 1 after the 1st day of april 1956 in contravention of clause d or e of sub section 1, unless at the. An analysis of section 297 of the companies act, 1956. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. Companies act, 1956 1 of 1956 so repealed under section 465 of this act v such.

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. 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. Addition of respondents to application under section 397 or 398. 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. Simplified procedure for obtaining online approval of central government under section 297 of the companies act, 1956. After its notification on 26th march, 2014, section 188 of the companies act, 20. Share capital to stand increased where an order is made under section 814 95. Section 299 applies to any contract or arrangement to which a company is party and in which a director is interested.

Board s sanction to be required for certain contracts in which particular directors are interested. Updated and amended bare acts in pdf format of companies act 1956 and companies act 20. Companies act, 1956 bare acts law library advocatekhoj. Most of the company professionals, executives and directors feel section 297 of the companies act 1956 a deep breath, because of the intricacies in interpreting and practical application of that section. Related party transaction regime india law journal. Section 297 and 299 of the companies act, 1956 taxguru. Full text containing the act, companies act, 1956, with all the sections, schedules, short. Boards sanction to be required for certain contracts in which particular directors are interested. Section 2971 in the companies act, 1956 indian kanoon. Section 297 applies to all companies, public as well as private. 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. Companies not to be registered with undesirable names 21. Companies act 1956, 20 pdf bare act, bare act pdf, law. Application of section 295 to book debts in certain cases.