Applicability of section 295
This query is : Resolved
CA, CS Kavit S Shah
(Querist)
26 September 2012
Dear Expert,
One of the Company has given loans to other body corporate & at the time of giving loan there were no common directorship in the Company but after few years the director's holding in lending co. has increased to 30%, So whether co. is now required to take approval of CG as per section 295(1)(d).
Thanks in advance
One of the Company has given loans to other body corporate & at the time of giving loan there were no common directorship in the Company but after few years the director's holding in lending co. has increased to 30%, So whether co. is now required to take approval of CG as per section 295(1)(d).
Thanks in advance
Ajay Mishra
(Expert)
26 September 2012
Hi
Applicability of section 295 will be at the time of approval by Board will be consider whether director interested or not and not after that.
If you are again giving loan and then director is interested then applicability of section 295 apply.
Applicability of section 295 will be at the time of approval by Board will be consider whether director interested or not and not after that.
If you are again giving loan and then director is interested then applicability of section 295 apply.
CA, CS Kavit S Shah
(Querist)
26 September 2012
Thanks a lot sir
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