Section 185 of companies act,2013
This query is : Resolved
22 March 2014
Whether Section 185 shall be applicable on loans taken before 12.09.2013??
23 March 2014
SECTION IS NOT APPLCANLE IF LOANS OR GUARANTEE OR SECURITY ARE GIVEN BEFORE 12th SEPTEMBER 2013:
Section 185 is not applicable if loan is given or guarantee or security provide for the loan is taken before 12th September 2013. However if such loan was for a specific term and it is renewed after 12th September 2013, where the term is expired then section 185 will be applicable. In case of working loans or other loans which are repayable on demand and are subject to renewal, if is renewed after 12th September and company continues its corporate guarantee, section 185 will be applicable.
For detail analysis of Section 185 see link given below--
http://mamtabinani.blogspot.in/2014/03/section-185-of-companies-act-2013.html
Section 185 is not applicable if loan is given or guarantee or security provide for the loan is taken before 12th September 2013. However if such loan was for a specific term and it is renewed after 12th September 2013, where the term is expired then section 185 will be applicable. In case of working loans or other loans which are repayable on demand and are subject to renewal, if is renewed after 12th September and company continues its corporate guarantee, section 185 will be applicable.
For detail analysis of Section 185 see link given below--
http://mamtabinani.blogspot.in/2014/03/section-185-of-companies-act-2013.html
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