Section 185 of company act 2017

Section 185 of the Company Act 2017 permits private limited companies to grant loans to their Managing Director or Whole-Time Director. This requires a special resolution, which must be filed using form MGT 14. The discussion clarifies that filing MGT 14 is mandatory for all special resolutions, regardless of company type. However, Section 185 may not apply to private companies under specific exemptions, such as when no body corporate is a member and loans are obtained from banks or financial institutions.