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

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....ew Delhi Dated 25th 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 ....

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....fically take approval 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 &....