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Advance to director for purchase of property
can NBFC give advance to its director against the purchase of property ?
Replies (4)
Case-1: Advance > 5 Cr with the approval of BoD
Case-2: Advance < 5 Cr without approval of BoD but to be reported to the BoD
Case-2: Advance < 5 Cr without approval of BoD but to be reported to the BoD
As per boards resolutions and dep depending upon the share capital and Anwar of the company which subsequent approval of the existing directors
If it's in the OCB of Nbfc then can be given else provision of section 185 to be followed
No there are other provisions subject to memorandum and articles of association.
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