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loan to director
whether a private company can give loan to its directors?? if yes,what is the procedure??
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exemptions for applicability of section 185
section 185 doesn't applicable to private company subject to following conditions
1. no other body corporate haa invested any money
2. borrowings of such company from banks, financial institutions is less than twice of 2% of paid up capital or 50 crore , whichever is lower
3. such company did not default any repayment of borrowings.
section 185 doesn't applicable to private company subject to following conditions
1. no other body corporate haa invested any money
2. borrowings of such company from banks, financial institutions is less than twice of 2% of paid up capital or 50 crore , whichever is lower
3. such company did not default any repayment of borrowings.
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