Applicability of section 185 of companies act, 2013 to private company

can private company enjoy exemption from section 185 after fulfilling following conditions

(a)Company does not have any other body corporate invested in its share capital;
(b) Company does not have borrowings from banks / financial institutional over two times its paid up share capital or fifty crore, whichever is lower; and
(c) Company has not defaulted in the repayment of such borrowings subsisting at the time of making such transactions under Section 185.