Dear All,
Before the commencement of the Companies Act, 2013, a Private Company has taken a loan from a Bank and a Public Company had given corporate gurantee in connection with the said loan. At the time of providing the gurantee none of teh directors of both the Company were Common but presently one of the director is common in both the Companies. Since the transaction was before the commencement of Companies Act, 2013, kindly let me know the fate of the aforesaid transaction n lieu of the Section 185 of teh Companies Act, 2013.
Is the Company has contravened the provisions of Sec. 185 of the Companies Act, 2013???
CAclubindia
