section 295
This query is : Resolved
15 October 2010
a public ltd. co. provides a corporate guarantee on behalf of a private ltd co. having a common directorship
whether it can be considered as a indirect loan u/s 295 (1) (c) and required a CG approval.
or whether it comes u/s 372A (1)(b)
or whether the co. has to comply the provisions of both this sections
pl reply as it is very urgent
Thanks
a public ltd. co. provides a corporate guarantee on behalf of a private ltd co. having a common directorship
whether it can be considered as a indirect loan u/s 295 (1) (c) and required a CG approval.
or whether it comes u/s 372A (1)(b)
or whether the co. has to comply the provisions of both this sections
pl reply as it is very urgent
Thanks
17 October 2010
Section 295(1)(c)attracts unless covered under section 295 (2)(c).
Since there are common directors,as per my understanding, section 372A(1)(b) does not apply.
Since there are common directors,as per my understanding, section 372A(1)(b) does not apply.
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