Membes
What would be position of existing intercorporate loans,guarantees and investment after 31.03.2014 i.e applicapability of Section 186 of CA 2013. Are existing things need to be regularised/complied or earlier special resolutions/compliances will prevail ?
Existing loans etc. can continue till such time there is not even slight change in the terms & conditions. The moment there is any change, new provisions will apply. But it would be advisable to pass special resolution u/s 180 at the earliest. MCA has put a time limit of 1 year, i.e. upto 11.9.2014 on the validity of earlier resolution under CA 1956.
O P Bagla & Co LLP
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BHUPINDER SHAH AND COMPANY
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