Please let me know about Section 370 of Companies Act and their implications / compliances that need to be adhered while lending to Companies by a BANK.
Dharmesh
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Section 370
Replies (3)
Banking & Insurance Companies are expressly exempted in normal course of business from the provisions as per Section 370(2)(iii).
Agree with learned member. Banking companies are exempted from section 372A under section 372A(8)(a)(i).
Kindly go through section 372A for the provisions connected with inter-corporate loans, investment, Guarantee and security. Section 372A is quite self-explanatory.
Section 370 is obsolete now.
| Originally posted by : Ankur Garg | ||
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Agree with learned member. Banking companies are exempted from section 372A under section 372A(8)(a)(i). Kindly go through section 372A for the provisions connected with inter-corporate loans, investment, Guarantee and security. Section 372A is quite self-explanatory. Section 370 is obsolete now. Thanks |
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