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Companies act 2013 -amendment of sec.185 - loan to director

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(Querist)
29 March 2017 This is a request for guidance - We are running a private limited company, which is registered under Delhi ROC. Can you please let me know what are the procedures which we need to follow U/s 185 C.A 2013 for providing loans of Rs.5 Lac to one of our company director.

Our company which satisfies the following conditions:

(a) In company capital no other body corporate has invested any money, i.e., its shareholder does not include any body corporate;

(b) Campany hasn't any liability in terms of any borrowings from banks or financial institutions or any body corporate

Please do let me know your valuable suggestion and guidance.
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
29 March 2017 Provisions relating to loans to directors is inapplicable to your company.
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Pramod.k

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Pramod.k (Querist)
29 March 2017 Thank you for your reply sir.
Can you elaborate the content please.
It explicit, we shall not follow any procedure for this?.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
29 March 2017 Can give. No restrictions. See MCA notification dated 5-6-2015.
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