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Corporate guarantee

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2014 x-property valuing rs.10 crores owned by A and B given as collataral to M=bank for a loan of rs.2 crores given to S.Pvt.ltd co. in which A is one of the director. A wants to give the same property as collateral security on parri passu basis for loan of Rs.3 crores given by N-bank to a partnership firm in which A is one of the partner. What is legality of the transaction in light of sec.185 of new Companies Act, 2013 and sec.186 of new Companies Act, 2013 which is yet to be notified.
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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2014 i shall be thankful for answer to my above query
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