Query on appointment of directors in a pvt. ltd. company
This query is : Resolved
27 November 2015
We have a Pvt. Ltd. company with 2 directors. Now we want to appoint new directors replacing the existing ones.
But both the new directors are already partners in a firm which accepts and lends loans/advances/deposits to this pvt. ltd. company.
My query is that can the partners in firm be made directors in the pvt. ltd. company whereby company and firm transacts in above manner.
But both the new directors are already partners in a firm which accepts and lends loans/advances/deposits to this pvt. ltd. company.
My query is that can the partners in firm be made directors in the pvt. ltd. company whereby company and firm transacts in above manner.
28 November 2015
yes you can take partners of firm in your company as a Director, Section 185 of the Companies act 2013 is applicable to a Companies and not to firm. Therefore, a firm can lend money to Company even after their partner is on the Board of the Company.
28 November 2015
however, a company can not give a loan / provide security / guarantee to the firm after their partner on the Board of the Company. but there are condition if it satisfies then the company may do.
28 November 2015
There have been a recent amendment by MCA exempting pvt. Ltd. Companies from applicability of sec. 185 subjected to following conditions. We fulfill all the conditions as of now. So, are there any restrictions even now in this relation?
28 November 2015
no, if you satisfy those condition read with section 185.
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