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Application of 372A of Co Act

This query is : Resolved 
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(Querist)
29 September 2010 Dear All,

Kindly advise, whether Sec 372A of Co Act, applies in following cases:

1. While issuing Corporate Guarantee (CG) exceeding the cap (60% of pd up cap + free resev and also 100% of free reserve whichever is higher)

2. CG is issued by subsidiary to holding
3. If such subsidiary is not 100% subsidiary

Pls give reply case specific and also a combination of all three conds.

Regards,
Sunil
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
29 September 2010 Section 372A applies.
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