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Section 295 of the Companies Act, 1956

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(Querist)
23 September 2009 If a Public Company grants loan to a society of which the director of the Company is a member, Does it attract Section 295 of the Companies Act,1956
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
23 September 2009
Section 295 is attracted if the public company is not in the finance business and the company is lending particularly to this society.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
24 September 2009 I think it doesnot get attracted
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