Section 185 applicability
Srividhya Narayanan (2 Points)
03 July 2017
Section 185 is applicable to a Section 8 (private limited ) company?
1 Replies
Karan Batra
(Creator: TheProTalks)
(2325 Points)
Replied 03 July 2017
As per Notification dated 13th June,2017 Section 185 shall not be applicable to a Private company :
- (a) in whose share capital no other body corporate has invested any money;
- (b) if the borrowings of such a company from banks or financial institutions or anybody corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is lower, and
- (c) such a company has no default in repayment of such borrowing subsisting at the time of making transactions under this section.
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