whether loan made by holding co. to son of director of subsidiary co.?
whether there is any contravention of sec 185?
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sec 185 : Loans to director
Replies (5)
Yes, as Son of Director of subsidiary company is related party.
but sir as per strict wordings of law only director of lending Co or holding co are specified person but loan by holding to director of subsisidiary isn't a specified person
Section 185 restricts the company to provide loan to its Directors or any other person in whom the Directors are interested..
director is interested” means—
(a) any director of the lending company, or of a company which is its
holding company or any partner or relative of any such director;
director is interested” means—
(a) any director of the lending company, or of a company which is its
holding company or any partner or relative of any such director;
yes sir exactly....but it no where directly restricts holding company to provide loan to director or relatives of such directors
my number is 9754176464....for any clarity in my query
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