Section 185 of company act 2017

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Accountant
189 Points Posted on 28 June 2022

by virtue of Company Act, 2017- Section 185, a private limited company can give loan to its MD / WTD.

A special resolution is required to approve the loan and that has to be filed by MGT 14.

My query is whether resolution filing by MGT 14 is mandatory for all private limited companies?

 

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On 28 June 2022 at 19:38 Report
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All special resolutions have to be filed in MGT-14, whether it be a private or public company.

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On 29 June 2022 at 20:34
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1979 Points Posted on 05 July 2022
185 is not applicable for private companies by exemption not dated 06/2015 ,subject to certain conditions

a. No body corporate is member
b.Loan from banks/fi is <2x of paid up capital or 50 cr
c.No default in repayment of loan
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On 05 July 2022 at 19:16

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