Sec. 185 of companies act 2013
This query is : Resolved
27 March 2014
DEAR ALL
PLZ. REPLY
THERE IS A PVT. LTD. COMPANY NAMED ABC PVT. LTD. ONE OF ITS DIRECTOR IS MR. D.
MR. D IS ALSO DIRECTOR IN DEF PVT. LTD.
DEF PVT. LTD. TAKES LOAN FROM XYZ. LTD.
WHETHER ABC PVT. LTD. CAN PROVIDE CORPORATE GUARANTEE TO XYZ. LTD. IN RESPECT OF LOAN TAKEN BY THE DEF PVT LTD. FROM XYZ.LTD. IT IS TO BE NOTED THAT PROVIDING LOAN OR GUARANTEE IS NOT ORDINARY BUSINESS OF ABC PVT. LTD.
PLZ. REPLY
THERE IS A PVT. LTD. COMPANY NAMED ABC PVT. LTD. ONE OF ITS DIRECTOR IS MR. D.
MR. D IS ALSO DIRECTOR IN DEF PVT. LTD.
DEF PVT. LTD. TAKES LOAN FROM XYZ. LTD.
WHETHER ABC PVT. LTD. CAN PROVIDE CORPORATE GUARANTEE TO XYZ. LTD. IN RESPECT OF LOAN TAKEN BY THE DEF PVT LTD. FROM XYZ.LTD. IT IS TO BE NOTED THAT PROVIDING LOAN OR GUARANTEE IS NOT ORDINARY BUSINESS OF ABC PVT. LTD.
Aashish Jain
(Expert)
27 March 2014
From the transaction, it can be said that giving of guarantee by ABC PVT LTD TO XYZ PVT LTD is prohibited for the loan taken by DEF PVT LTD...
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