Case - A group company has given interest free laon to another group company
Query - What are different provisions of different of different statutes applicable ??
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interest free loan
Replies (1)
Sec 372A applies here........
Unanimous resoultuion required by the directors and the total investment or guarantees and loans made inclusive of this not exceed 60% of the Reserves plus capital or 100% of the toal free reserves whicever is higher.
In case, the limits is exceeded then the resolution at GM to be passed on case specific basis.
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