Querist : Anonymous
( Querist )
07 November 2013
Can any one provide the implication of the Sec 185 of companies act on the following transactions/cases.
1. Is Sec 185 attracts on transactions fund transfers between Trust and Pvt ltd company, where Trust and Pvt ltd co having same directors/controlling in both the entities
2. Is Sec 185 attracts only on Loan given to directors ? will it have any implications on Loan taken from Directors by Pvt ltd co?
3. Is there any liability arises on loans u/s 185 where loans given to pvt co and interest as per the bank rate charged.