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Section 372a

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(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?
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Nikhil Kaushik

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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
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