Sec 185 of co. act 13 apply ??
This query is : Resolved
03 July 2015
Sir
Our company has given security deposit of employee for the house taken on rent & also paid 3 months advance rent.Afterwards co appointed that employee as director.
Now ques is whether Sec 185 i.e. loan to director apply here or not ?
Also give legal framework regarding this.
Our company has given security deposit of employee for the house taken on rent & also paid 3 months advance rent.Afterwards co appointed that employee as director.
Now ques is whether Sec 185 i.e. loan to director apply here or not ?
Also give legal framework regarding this.
03 July 2015
No, Section 185 do not apply here because at the time of giving money, he was not a director.
Section 185 is restricting section not to do something. Hence, it can not be applied for the act done before when it was not applicable.
Section 185 is restricting section not to do something. Hence, it can not be applied for the act done before when it was not applicable.
03 July 2015
Agree with the opinion of expert.
Thanks
Thanks
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