Hi everyone,
Can a NBFC (Pvt Ltd) with a paid up capital of 10 crore provide Loan to the following:
1. A Body corporate in which the director of the NBFC is a Director.
2. Any other body corporate.
Also can an NBFC (Pvt Ltd) with a paid up capital of 10 Crore take a loan frpm the following companies
1. A Body corporate in which the director of the NBFC is a Director.
2. Any other body corporate.
Please experts give your views.
Position under Companies Act 2013 (subject to further compliance of RBI regulations):
Giving loans:
1. Yes, if it is covered under Proviso (b) to Section 18591).
2. Yes, if it is covered u/s 186(11).
Taking loans:
Yes - within the limits specified in Sec.180(1)(c).
O P Bagla & Co LLP
New Delhi
CA Inter
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Aggarwal Sarawagi and Co
New Delhi
CA
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Shaswat initial support private limited
Ahmedabad
CS
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CAclubindia
