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Section 185
What is the legal status of existing loan which is given to common director company before came in force of companies act 2013.
Replies (2)
Loan given before 12.08.2013 is not covered under section 185 of companies act 2013 as the act says “no company shall ‘advance’ any loan or ‘give’ any guarantee or ‘provide’ any security…….” which is in future tense and therefore section 185 of companies act 2013 applies prospectively. But, the same loan should not be renewed or altered.
Thank nupur
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