Whether sale or purchase of materials by a director or his relative, associate, etc., to or from a company in which he is a director attracts sub‑section (1)
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Related-party sale or purchase by a director: board consent under section 297(1) suffices; section 314(1) inapplicable. Sale or purchase of materials between a company and its director, the director's relative, a firm in which the director or relative is a partner, any partner in that firm, or a private company of which the director is a member or director is not caught by section 314(1); compliance is achieved by obtaining the consent of the board of directors as required by section 297(1).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Related-party sale or purchase by a director: board consent under section 297(1) suffices; section 314(1) inapplicable.
Sale or purchase of materials between a company and its director, the director's relative, a firm in which the director or relative is a partner, any partner in that firm, or a private company of which the director is a member or director is not caught by section 314(1); compliance is achieved by obtaining the consent of the board of directors as required by section 297(1).
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