loans from group company
This query is : Resolved
Nilesh Mehta
(Querist)
19 June 2009
whether there is any restriction in receiving loan from group companies under the companies act.
Ankur Garg
(Expert)
19 June 2009
Hello Nilesh,
In case of inter corporate loan u/s 372A you have to obtain unanimous Board approval and in certain cases prior shareholders approval.
For limits of inter corporate loand refer section 372A.
Disclosure of interest by directors u/s 299 is also very important.
I would suggest go through the following sections of companies act, 1956 deeply:
295, 372A, 297, 299, 300.
Regards
In case of inter corporate loan u/s 372A you have to obtain unanimous Board approval and in certain cases prior shareholders approval.
For limits of inter corporate loand refer section 372A.
Disclosure of interest by directors u/s 299 is also very important.
I would suggest go through the following sections of companies act, 1956 deeply:
295, 372A, 297, 299, 300.
Regards
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