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sec 185 : Loans to director

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EMPLOYEE
144 Points Joined June 2008
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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On 24 September 2017 at 12:44 Report
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Chartered Accountant
350 Points Joined February 2014
Yes, as Son of Director of subsidiary company is related party.
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On 24 September 2017 at 13:03
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EMPLOYEE
144 Points Joined June 2008
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
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On 24 September 2017 at 13:18
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Chartered Accountant
350 Points Joined February 2014
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;
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On 24 September 2017 at 18:21
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EMPLOYEE
144 Points Joined June 2008
yes sir exactly....but it no where directly restricts holding company to provide loan to director or relatives of such directors
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On 24 September 2017 at 19:19
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EMPLOYEE
144 Points Joined June 2008
my number is 9754176464....for any clarity in my query
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On 24 September 2017 at 19:19

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