Query

I dont think 372A will apply because it covers body corporate and partnership firm is not a body corporate

Dear Shreya

Mr. Anny is right further it should be noted that sec. 372A applied only when both are the public ltd. company.

Thank You. I was confused so wanted assurance.

Compliance u/s 372A is for the Loan giving Company. Hence the Loan giving company should be a Public Limited Company. Whereas the loan receiving Company can be a private or public company (Body Corporates).

Dear Shreya

Sec.372A  do not apply on indepandent private co. whether it is receiving or granting loan.

this is my openion

Let see the other reply..................