https://www.taxtmi.com/acts?id=12638 Section 297 requires board sanction for contracts between a company and interested directors, relatives, partner-firms, partners or private companies for sale, purchase, supply of goods, materials or services and for underwriting. Exceptions cover cash market-price transactions, routine trading relationships within a small annual value, and ordinary course dealings by banks and insurers. Urgent contracts may be entered into without prior consent but must receive board approval at a meeting within three months; board consent must be by resolution and, if withheld, renders the contract voidable at the board's option. en-us Fri, 13 May 2011 13:27:05 +0530 Fri, 13 May 2011 13:27:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12638 Section 297 requires board sanction for contracts between a company and interested directors, relatives, partner-firms, partners or private companies for sale, purchase, supply of goods, materials or services and for underwriting. Exceptions cover cash market-price transactions, routine trading relationships within a small annual value, and ordinary course dealings by banks and insurers. Urgent contracts may be entered into without prior consent but must receive board approval at a meeting within three months; board consent must be by resolution and, if withheld, renders the contract voidable at the board's option. Act-Rules Companies Law Fri, 13 May 2011 13:27:05 +0530 https://www.taxtmi.com/acts?id=12638