Section 372a
This query is : Resolved
ARUN KUMAR MAITRA
(Querist)
20 September 2013
A Ltd (holding and Listed company ) have 100% wholly owned subsidiary i.e.B Ltd (NBFC) & C Ltd.
C Ltd have D Ltd a 100 % wholly owned subsidiary.D Ltd have E Ltd a 100 % wholly owned subsidiary.
Now E Ltd have come to B Ltd(NBFC) for taking loan of Rs.75 Cr. against commodity as security.
Now considering the Section 372A of Company Act;whether B Ltd(NBFC) can grant loan to the E Ltd and if so,
what would be the compliance requirement?
C Ltd have D Ltd a 100 % wholly owned subsidiary.D Ltd have E Ltd a 100 % wholly owned subsidiary.
Now E Ltd have come to B Ltd(NBFC) for taking loan of Rs.75 Cr. against commodity as security.
Now considering the Section 372A of Company Act;whether B Ltd(NBFC) can grant loan to the E Ltd and if so,
what would be the compliance requirement?
Nikhil Kaushik
(Expert)
22 September 2013
Dear Arun Sahab,
I believe a NBFC shall be covered under Section 372A(8)(a)(i)of the Companies Act 1956.
Accordingly rigors of Section 372A shall not apply to it.
let me know if you need any other assistance.
Regards
Nikhil
I believe a NBFC shall be covered under Section 372A(8)(a)(i)of the Companies Act 1956.
Accordingly rigors of Section 372A shall not apply to it.
let me know if you need any other assistance.
Regards
Nikhil
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- ETDS return q4 25-26
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
