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Guarantee by public ltd. company.

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 February 2014 Querry:
There are three partners in a firm say Z & Co. Mr. A, Mr. B & C Ltd. (a public limited Co.). Also Mr. A & Mr. B are directors in C Ltd. Now whether C Ltd. can provide guarantee for the loan to be taken by Z & Co. ? if Yes please explain the procedure.
Whether Sec. 185 of Companies Act, 2013 has been made applicable?
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SHAKTI JINDAL

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SHAKTI JINDAL (Expert)
22 February 2014 Section 185 has been made applicable with effect from 12th September, 2013. As per the said section, C Ltd. cannot provide guarantee for the loan to be taken by Z & Co.
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