185 exemption on loan given to whole time managing director

YES, AS PER SECTION 185(1), FIRST PROVISO, COMPANY CAN PROVIDE LOAN TO ITS MANAGING DIRECTOR AND A WHOLE TIME DIRECTOR BY PASSING SPECIAL RESOLUTION IN A GENERAL MEETING TOGETHER WITH APPROVAL OF SHAREHOLDERS,

Can such amount be given to a whole time director for his personal use.

Yes, such amount can be given to a whole time Director depending upon the internal policy of the Company. But before providing such a amount to whole Time Director, Company needs to pass special resolution in a general meeting together with the aprooval of Shareholder.