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Guarantee given by one public co. to another public ltd. co.

Nikhil Kalra (CS Final Student) (85 Points)

26 July 2011  

Dear Sirs,

My Query is a unlisted public limited company want to give guarantee to another unlisted public limited company both company are under the same management all the shareholders and directors are same.

which sections of Company Law are required to comply

What are the procedures to be followed

you are requested to kindly provide me all the relavant information, if any....

 

Thanks in advance.


 4 Replies

Ankit Patniya (Assistant Company Secretary)   (124 Points)
Replied 26 July 2011

hello again,

Sec: 372A will be applicable there is limit provided for the such transaction.

check it.

Thanks

Ankit Patniya (Assistant Company Secretary)   (124 Points)
Replied 26 July 2011

also consider this with the previous

if the company is under same management check out the provison of sec 295 of co. act it might be attracts. sec 295 (1) is the criteria which should be consider in mind in case of public co.

thanks

Nikhil Kalra (CS Final Student) (85 Points)
Replied 27 July 2011

Kindly tell me what procedure are required to be followed

Ankit Patniya (Assistant Company Secretary)   (124 Points)
Replied 27 July 2011

1) if the only section 372A is applicble if the aggregate amount including the present and passed( allready given) laon, gaurantee, securities and investment exceeds

i) 60 of paid up capital and free reserves or

ii)100 percent of free reserve which ever is more

 than convey EGM/AGm and pass spesial resolution

Than file F23 in prescribed formate.

or

otherwise only board resolution is requie.

2) if sec 295 is applicable than application for approval, in both the above cases i.e board and AGM/EGM,  is requier to obtain from C.G in E-Form 24AB

 

Thanks regard.


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