Section 185 of the companies act 2013 - clarification

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2015 Directors of company A are neither directors nor Members in Company B. However one member holds 46% shares in company A and 99% in company B and He also a Director in Company B. Whether Company A can offer corporate Guarantee as per section 185 of the companies act 2013

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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02 January 2015 I don't see any consequences in that.
Please wait for other expert views.

Regards
CA Ayush Agrawal

c.bakshi

c.bakshi (Expert)
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16 January 2015 if the person with common holding in both company A and B is also a director in the company A and B then there is a contravention of section 185 which may lead to a penalty not less then5 lacs but which may extend to 25 lacs... Otherwise not...the Point to notice here is Director and not the memeber

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Section 185 of the companies act 2013 - clarification

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