One of our client company, which is unlisted public limited, has extended loan to a sole Proprietorship Concern, owned by one of the directors of that public company.
Does this attracts the provisions of Section 295 of the Companies Act, 1956?
29 May 2015
Yes, it means 'Loan to Directors' and it attracts Section 295 of old act, if transaction happened in old act and Section 185, if it happened in new act.
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