Sec 185
This query is : Resolved
12 January 2016
dear sir
p.ltd company is giving guarantee to trust for obtaining loan.one of the directors of the company are acting as trustees of a trust. Whether loan / gurantee given attracts sec.185 of companies act 2013.please clarify. pl.let me know any case law is available for this.
thank u
regards
sreedhar
p.ltd company is giving guarantee to trust for obtaining loan.one of the directors of the company are acting as trustees of a trust. Whether loan / gurantee given attracts sec.185 of companies act 2013.please clarify. pl.let me know any case law is available for this.
thank u
regards
sreedhar
CS Divesh Goyal
(Expert)
12 January 2016
Dear Sir,
As per Section 185 company can't give loan to Director and person interested in directors.
Person interested in directors doesn't cover trust.
Therefore there is no restriction u/s 185.
As per Section 185 company can't give loan to Director and person interested in directors.
Person interested in directors doesn't cover trust.
Therefore there is no restriction u/s 185.
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