Gurantee under section 295


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Querist : Anonymous

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Querist : Anonymous (Querist)
25 September 2011 If a public co. goves gurnatee for a loan obtained by a private company from public financial institution, in which there are common directors, whether section 295 applicalbe on this transaction

29 September 2011 Sir,
Definition of Specified persons mentioned in sec 295 includes any pvt company of which any such director is a director or member.
Kindly let me know whether this solution has solved your query.
Regards,
CS Sumat Singhal

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 September 2011 sir, my question is that whether corprate gurnatee given to a private company for a loan obtained by public financial instituion will be covered u/s 295. i want to know whether Public Financial instution will cover under "person" word in section 295.

07 October 2011 Yes it will be covered


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