Clarification regarding interest of directors in hiring of office premises- Applicability of 297 Approval.
Page 4827, K R Dutta, book on Company Law, states that:-
Page 4827, K R Dutta, book on Company Law, states that:-
Sona Steering Systems Ltd., a jv company with Maruti Udyog made an application to DCA for taking on rent office premises for the company from a firm in which directors are interested.
DCA stated that" refer letter no.ss.sb.90, dated the 1st March 1990 on the subject mentioned above and to say that in view of the proposal of the company for taking on rental, premises for office of the company, and the fact that the transactions in immoveable properties are not covered by the provisions of section 297 of Companies Act, 1956.
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