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Section 185 of companies act 2013

This query is : Resolved 
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(Querist)
28 November 2013
Company – I

Rajarathnam Construction Private Limited

Company -2

Diamond Flush Doors Private Limited

Name of the Directors are same

Mr. A. Rathinam

Mrs. R. Baptista

List of shareholders

Mr. A. Rathinam - 90 % in Company 1
Mr. A. Rathinam - 5 % in Company 2

Mrs. Bapitsta - 6 % in Company 1
Mrs. Bapitsta - 5 % in Company 2

M/s. Rajarathnam Construction Private Limited - 90 % Company -2

Mr. R. Neil Wilson - 2 % in Company 1
Mr. R. Daniel Nixon - 2 % in Company 1

Now we are approaching Bank for Term Loan in the name of Company – 1

Can we mortgage company 2 Land and Building for availing this loan?

If Company- 2 can offer its Corporate Guarantee to company – 1 for availing this loan ?

If Company-2 Directors are offer their personal Guarantee for availing loan by Company – 1

Section of 185 of Companies Act 2013 is applicable for this transactions
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Ajay Mishra

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Ajay Mishra (Expert)
28 November 2013 Section 185 and 186 is not in operation, section 295 and section 372A will in force as per MCA Circular.
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