Sec 185 0f companies act

This query is : Resolved 
 


Querist : Anonymous (Querist) 07 November 2013

Dear Experts,

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.


Regards



Ajay Mishra (Expert) 11 November 2013

Section 185 does not talk about trust. So we can not says anything on it.

It is silent on trust as details in explanation of section 185(1).



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