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Loan to sole proprietaryship concern

This query is : Resolved 
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(Querist)
28 May 2015 Dear friends,

One of our client company, which is unlisted public limited, has extended loan to a sole Proprietorship Concern, owned by one of the directors of that public company.

Does this attracts the provisions of Section 295 of the Companies Act, 1956?

Please advice.

Regards,
Soumya
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Pratik Shah

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Pratik Shah (Expert)
29 May 2015 Yes, it means 'Loan to Directors' and it attracts Section 295 of old act, if transaction happened in old act and Section 185, if it happened in new act.
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