Can anyone plz tell me the prescribed percentage of paid up share capital and free reserves that is allowed for giving loans and making investments by purchase of shares u/s 370 and 372......its very urgent..
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Query u/s 370 & 372 of companies act, 1956
Replies (2)
By the Companies (Amendment) Act, 1999, section 370 & 372 have been rendred inoperative.
dear dipti,
section 372A: its 100% of free reserves or 60% of paid up capital & free reserves, whichever is more.
its applicable to public companies only.
regds,
sangram 9422622828.
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