Simplified procedure for obtaining online approval of Central Government under section 297 of the Companies Act, 1956.

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..... 25 th July, 2011 All Regional Directors, All Registrar of Companies, All Stakeholders. Sub : Simplified procedure for obtaining online approval of Central Government under section 297 of the Companies Act, 1956. Sir, The Ministry of Corporate Affairs has been receiving representations form various stakeholders to simplify the approval processes under section 297 of the Compan .....

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..... proval to the effect that: -- (i) Proposed contract is competitive, at an arm s length, without conflict of interest and is not less advantageous to it as compared to similar contracts with other parties. (ii) The company has not made any default in repayment of any of its debts (including public deposits) or debentures or interest payable thereon and has filed its upto date Balance Sheets an .....

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..... given by the professional in the e-form is found to be wrong, then the applicant company, its Directors and professional shall be liable for penal action under section 297 and 628 of the Companies Act, 1956 in addition to penal action prescribed in regulations of the respective professional institutes. 6. The process of online approval of Central Government under section 297 of the Comp .....

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