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Regarding loans and deposits

This query is : Resolved 
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(Querist)
23 March 2015 If a person to whom loan is given is not a director on that date and later become director whether it will come U/s 185 of Companies Act 2013 or not?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 March 2015 Section 185 will not be attracted in respect of a loan given to a non-director but who subsequently becomes a member of the board, because at the time of the loan, no contravention was involved.
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