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Sec 186 of companies act 2013
what is "business of financing industrial enterprises" ? as per the amendment
Replies (2)
Quick Summary
As per the section 186 the company established with the objects of and engaged in the business of financing industrial enterprise were exempt from certain provision of section 186 i.e. loan and investment by company .
so as per notification dt 11.10.2019 amend rule 11 of Companies (Meetings of Boards and it's Power) Rules,2014 provide the following line as :
Companies (Meetings of Board and its Powers) Rules, 2014, in rule
11, in sub-rule (2), for the words "business of financing of companies", the
words "business of financing industrial enterprises" shall be substituted.
so as per notification dt 11.10.2019 amend rule 11 of Companies (Meetings of Boards and it's Power) Rules,2014 provide the following line as :
Companies (Meetings of Board and its Powers) Rules, 2014, in rule
11, in sub-rule (2), for the words "business of financing of companies", the
words "business of financing industrial enterprises" shall be substituted.
"business of giving of any loan to a person or providing any guaranty or security for due repayment of any loan availed by any person in the ordinary course of its business"
source: https://ebook.mca.gov.in/Actpagedisplay.aspx?PAGENAME=18101
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