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Section 295 - loan to director

This query is : Resolved 
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(Querist)
03 July 2012 Dear all,

If a Public Ltd Co., gives unsecured loan to Private Ltd Co., wherein the public ltd co., holds 50% of shareholding and the Managing Director of Public Ltd Co. is one of the director in private co. which consist of total 2 director. Further the holding of MD alongwith their PAC in public co. is 14.44%. Would this attract Section 295 of Companies Act, 1956.

Regards
Deepak Agarwal
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Ajay Mishra

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Ajay Mishra (Expert)
03 July 2012 Hi


As per section 295(1)(c) of the Companies Act, the loan will cover under this section.


Regards
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