Can a Private Limited co. provide any securities for loan by a partnership firm from bank??
is their any difference when director and partner are common or relative??
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Security provided for Loan By Pvt. Ltd.
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As per the provision of section 186 of the Companies act 2013, a Company can provide securities or gurantes in connection with the loan to any person or any other body corporate upto the limit specified as per provisions of section 186(3) by passing board resolution and in excees of the limit by passing special resolution. Partnership firm is also included in body corporate as it has the seprate legal existence and entity.
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