Section 295 - loan to director
This query is : Resolved
Deepak Agarwal
(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
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
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
As per section 295(1)(c) of the Companies Act, the loan will cover under this section.
Regards
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