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Sec 185 of co. act 2013
I would like to know whether amount given as advance by the company to one of its directly for purchase of land within 2 years be covered under 185 as loan to Director.
Replies (1)
YES , as per section 185 if any loan ,guaranteeor ,security is given to director or any other person on whom director is intrested, are prohibited.,
however if the company advances loan to director as a part of condition of service which are extended to all its employees or in the ordinary course of business advance are given or pursuance of any scheme approved by special resolution are not prohibited
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