Advance to director for purchase of property

Akansha jain (CA) (156 Points)

16 December 2023

can NBFC give advance to its director against the purchase of property ?

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4 Replies

Radhey Shyam Jha (Student) (1567 Points)
Replied 17 December 2023

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

sabyasachi mukherjee (26126 Points)
Replied 17 December 2023

As per boards resolutions and dep depending upon the share capital and Anwar of the company which subsequent approval of the existing directors

Chirag (Professional) (1979 Points)
Replied 22 December 2023

If it's in the OCB of Nbfc then can be given else provision of section 185 to be followed

sabyasachi mukherjee (26126 Points)
Replied 30 December 2023

No there are other provisions subject to memorandum and articles of association.

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