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Loan to proprietarship firm
can private company give loan to proprietarship firm where directors and partners are same?
Replies (2)
If it is in the ordinary course of business then it is permissible
Proprietorship doesn't have any separate legal identity,so in this case 185 will attract ....if it's partnership then approval from board and shareholder with complete disclosure of purpose ,and other procedural requirements of the section loan may be disbursed....lastly ,it's not applicable for NBFCs
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