Dear Experts
If Pvt.Ltd.Company gives guarantee to its directors and according to company law it is offence,so what is solution for this offence,can company drawback its guarantee.
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Company Law
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Quick Summary
Yess company withdraw back its guarantee
There is no offense for private limited company to give guarantee to the director.
Provided such company has fulfilled all the following conditions
1. no body corporate has invested in such company.
2. borrowing from bank and financial institutions is less than twice of paid-up share capital or ₹50 crore, whichever is lower.
3. such company has not defaulted in repayment of above borrowing.
4. company is filling AOC 4 and MGT 7 regularly, if applicable.
Provided such company has fulfilled all the following conditions
1. no body corporate has invested in such company.
2. borrowing from bank and financial institutions is less than twice of paid-up share capital or ₹50 crore, whichever is lower.
3. such company has not defaulted in repayment of above borrowing.
4. company is filling AOC 4 and MGT 7 regularly, if applicable.
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