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Sec 185 of co. act 13 apply ??

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(Querist)
03 July 2015 Sir

Our company has given security deposit of employee for the house taken on rent & also paid 3 months advance rent.Afterwards co appointed that employee as director.
Now ques is whether Sec 185 i.e. loan to director apply here or not ?

Also give legal framework regarding this.
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Pratik Shah

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Pratik Shah (Expert)
03 July 2015 No, Section 185 do not apply here because at the time of giving money, he was not a director.

Section 185 is restricting section not to do something. Hence, it can not be applied for the act done before when it was not applicable.
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Ankur Garg

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Ankur Garg (Expert)
03 July 2015 Agree with the opinion of expert.


Thanks




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