ABC is Private limited company and XYZ is unlisted public limited company, and both the company having one common Director, Mr. D. Now, XYZ gives loans to ABC, and XYZ is associate Company of ABC. Can any one please clarify if Section 295 is applicable or not? and if Yes, why ? and if No, Why ?
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Section 295
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yes sec 295 will be applicable......sec 295 will be applicable if a public company make an loan to a specified person......and specified person includes a pvt co. of which any director(of a lending co) is a director.However if lending co is holding co then said sec. wont b applicable.
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