Sec 295 urgent query
This query is : Resolved
divita agarwal
(Querist)
31 May 2014
it says that sec 295 doesnt't apply if the loan is given by a public co to another public co. But than it says that it applies if loan is given by a public co to a body corporate of which not less than 25% of the voting power is exercised by such director.
my question is that does the definition of body corporate includes "public co." too?
my question is that does the definition of body corporate includes "public co." too?
Amol S Joglekar
(Expert)
31 May 2014
body corporate includes public company...(why it is said that sec 295 does not apply,,,,,is for the reason that in very few cases 25% of the voting power is likely to be concentrated in one hand in the case of public company)
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