372a
This query is : Resolved
14 December 2011
I WANT TO KNOW WHETHER SECTION 372A IS APPLICABLE IN THE FOLLOWING CASE:-
COMPANY A HAS ENTERED INTO AN AGREEMENT WITH SOME BODY CORPORATE FOR SALE OF ONE OF ITS PROJECT AND THE SAID BODY CORPORATE IN ORDER TO SECURE ITS INVESTMENT ASKED COMPANY A TO PROVIDE A CORPORATE GUARANTEE AND COMPANY A EXECUTED THE REQUISITE CORPORATE GUARANTEE. WHETHER THIS CORPORATE GUARANTEE IS COVERED UNDER SECTION 372A FOR COMPANY A
COMPANY A HAS ENTERED INTO AN AGREEMENT WITH SOME BODY CORPORATE FOR SALE OF ONE OF ITS PROJECT AND THE SAID BODY CORPORATE IN ORDER TO SECURE ITS INVESTMENT ASKED COMPANY A TO PROVIDE A CORPORATE GUARANTEE AND COMPANY A EXECUTED THE REQUISITE CORPORATE GUARANTEE. WHETHER THIS CORPORATE GUARANTEE IS COVERED UNDER SECTION 372A FOR COMPANY A
14 December 2011
Corporate Guarantee is given in connection with a loan made by any other person to or to any other person, by any body corporate.
Guest
Guest
(Expert)
14 December 2011
Yes, it is covered under section 372A.
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