CA Gaurav Mittal

The section 185 of Companies Act,2013 was notified on 12th September 2013 and was applicable from that day itself. If there is any deviation from the conditions laid under this section then the Auditor is required to report the same in his Audit Report. A non qualified report would hold auditor in default.

The lending company and the receiver both would be liable for the penalty under the same section.

Now let us understand the basic of section 185 and 186

Section 185:- This primarily deals with the subject of person to whom company cannot give loan.

Section 186:- This section enlists the exceptions and specifies the limits up to which a company can give loan.

The section 185 of CA, 2013, restrict the company on giving loans, guarantee or provide security to Directors or any other person in whom Director is interested.

The ways via which a director can be interested has been covered via 5 inclusions:-

Point 1 & 2

The inclusion in point 1 and 2 covers the Director and his relatives too.

It Says

1)    Any Director of Lending Company.

2)    Any Relative of Director.

3)    Director of a Company which is its holding company.

4)    Any firm in which such director is partner or relative is a partner.

5)    Any partner of such Director.

Point 3,4 & 5

The inclusion in point 3,4 & 5 only include Director but not his relatives.

It Says

1)    Any PRIVATE Limited company in which such director is a Director or member.

2)    Body corporate in which such Director or Directors hold more than 25% shares.

3)    Body Corporate, MD, BOD or manager accustomed to act in accordance with direction of board or Director of lending company.

  • A body corporate does not include a co-operative society. But it includes a foreign company.

EXCEPTION TO SECTION 185

1)   WD/WTD

a)    As a part of service extended to all of its employee.

b)    Any Scheme Approved by members by special resolution.

2)   Given in ordinary Course of Business

How to check ordinary Course

a)    Is the company engaged in lending activity regularly.

b)    Lend not only to Directors and related parties but also to Arm Length Parties or unrelated parties.

KEY TAKEAWAY :- All NBFC may not be engaged in lending activities in ordinary course.

NOW LET US UNDERSTAND THE SECTION WITH THE HELP OF PRACTICAL EXAMPLES

EXAMPLE 1

Company A has two Directors Mr. X and Mr. Y. Both holds 50% share each of Company.

Company A wish to give loan to following and have asked for your views on same.

A)   Loan to Director X.

B)   Loan to a relative of Director Y.

C)   Director of company D which is the holding company of A.

D)   A partner of Director of Holding Company.

E)   A partner of Director of company A.

F)   To a firm in which Mr. X is a partner.

G)   To a firm in which relative of Mr. Y is a Partner.

SOLUTION 1

S No Loan To Whether Co Can Reason
1 Loan to Director X. NO Included in definition
2 Loan to a relative of Director Y. NO Do
3 Director of company D which is the holding company of A.  NO Do
4 A partner of Director of Holding Company.  YES A partner of Director of Holding co is not included.
5 A partner of Director of company A.  NO Included in definition
6 To a firm in which Mr. X is a partner.  NO Included in definition
7 To a firm in which relative of Mr. Y is a Partner.  NO Included in definition

  EXAMPLE 2   (PRIVATE LTD CO WITH COMMON DIRECTOR)

Particulars Company A (Pvt Ltd or Ltd) Company B (Pvt Ltd)
Directors Cum share holder A (shareholding 60.0%)B (shareholding 40.0%) B (Shareholding 75.% )D (Shareholding 25% )
Only Share Holder Nil Nil

 A and B are Husband and wife. D is their Son.

Company B wish to avail loan from Company A, Whether Possible? 

SOLUTION 2

Company A cannot give loan to company B as it would be in contravention of Section 185 and would attract penalty.

Planning

1)    Mr B should resign from the post of Director of Company A and gift his shares to Mr A (gift of shares is tax free). They shall appoint another Director in the company.

As B resigns and transfer the shares then the provisions of section 185 wont apply and company A would be able give loan to company B.

OR

2)    Converting Company A into a LLP.

OR

3)    Converting Company B into a Public Limited Company and Mr B reducing his shareholding in Company B to less than 25%.

EXAMPLE 3   (Private Ltd Co To Public Ltd Co)

Particulars Company A Pvt Ltd or Ltd Company B (Ltd)
Directors Cum share holder A (shareholding 60.0%)B (shareholding 20.0%)C (Shareholding 15.0%) B (Shareholding 10.0% )A (Shareholding 10.0% )C (Shareholding 5.0%)
Only Share Holder D (Shareholding 15.0%) Others (75.0%)

  Company B wish to avail loan from Company A, Whether Possible?

SOLUTION 3

No it is not possible to advance loan to company B as Director A, B and C collectively are holding 25% of shares of Company B. And hence get covered under the clause 4 of interested party to Director.

PLANNING

1)    Either Mr A or Mr B or Mr C should resign from the post of Director of Company A. This would bring down the holding of shares to less than 25% and will enable the borrowing between two Companies.

OR

2)    Converting Company A into a LLP.

OR

3)    Either Mr A or Mr B Or Mr C should give up atleast 1% of their share held in Company B to bring down the holding under 25%.

AMOUNT ALREADY EXISTING ON 12Th SEPTEMBER 2013

Q. In Case any amount is outstanding on 12th September as a loan to Director or anyone in whom Director is interested.

A. The loan can still continue to appear in the books of accounts of Company; however it can’t be renewed and is to be repaid on the end of the term. If it’s a loan repayable on demand then still it is suggested to make a formal agreement with tenure specified in it.

Q. Company A holds more than 5 % share of company B and have common Director. Company B has availed a loan from bank and because company A holds more than 5% of share of company B it has to be give corporate guarantee for company B to bank.

A. These types of cases are common between related private limited companies. Banks usually takes corporate Guarantee of the companies. In such a case again company cannot renew the Guarantee given to Bank.

However, the CC limits of a company are renewed each year and new Sanction ticket is issued. In such a case corporate Guarantee also gets renewed. It is advised to approach bank and get the clause of Corporate Guarantee removed. 

KEY POINTS

The section is applicable only at the time of granting the loan and  any change in circumstances thereafter will not make the section applicable.

Thus, section 185 will not be attracted in respect of a loan given to an employee, who does not fall within the ambit of specified persons as listed above, but who subsequently becomes a member of the board, because at the time of the loan, no contravention was involved.

KEY POINT IN CONVERSION OF A COMPANY INTO A LLP 

 As per Sec 47(xiiib) of Income tax Act, for tax neutrality of such conversion, turnover of Private Limited Company in any of last 3 years must not exceeds 60 Lakhs. So, if turnover exceeds 60 Lakhs than such conversion will be subject to income tax.

Any capital gain arising in transfer of capital asset would be taxable in hands of company.

Any Gain arising to shareholder on surrendering of shares would be taxable in hands of shareholders.

SECTION 186

Specified transactions are covered under the Section

a)       Loans to any person or other body corporate;

b)       Guarantee or security given in connection with a loan to any other body corporate or person; and

c)       Acquisition by way of subscription, purchase or otherwise, the securities of any other body corporate.

LIMITS UPTO WHICH LOAN CAN BE GIVEN

Higher of

A)   60 % of ( Share Capital + Free Reserves + Security Premium); or

B)   100% of (Free Reserves + Security Premium)

However, if company wishes to invest or give loan to a amount higher than the above then a prior approval of Shareholders is required.

Also shareholders cannot give blanket permission.

KEY POINT

If as on 1.4.2014 the company has given loan or guarantee in Excess of limits specified then it has to file a Special resolution for this by 31st March 2015.

Q. Whether various Advances would also be considered under this section?

Loan is lending of money with absolute promise to repay whereas advances is to be adjusted against supply of goods and services. Genuine trade advances given to suppliers against orders for supply of goods will not be considered as loans and hence will be out of purview of Section 186. Similarly, advances given to employees against current month’s salary will also not be in the nature of loans.

LOANS AND INVESTMENT BETWEEN HOLDING & SUBSIDIARY COMPANY

Section 185:-        Section 185 Exempts loan between Holding Company and Subsidiary Company.

(1)  Any loan made by a holding company to its wholly owned subsidiary company or any guarantee given or security provided by a holding co in respect of any loan made to its wholly owned subsidiary co is exempted from the requirements under this section; and

(2) Any guarantee given or security provided by a holding company in respect of loan made by any bank or financial institution to its subsidiary company is exempted from the requirements under this section:

Provided that loans made under sub-rule (1) and (2) are utilized by the subsidiary company for its principle business activities.

SECTION 186:-

Loan or guarantee given and security provided to its wholly owned subsidiary company or a JV, exempted from calculating the limits prescribed under section 186.

(Author may be contacted at  mittalgaurav05@gmail.com)

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77 responses to “Section 185 & 186 of Companies Act, 2013 with Practical Examples”

  1. Sohan Jaiswar says:

    can pvt. ltd company mortgaged companies property to bank to avail loan by another company as colletaral security. Both the company has same directors.

  2. Jasmeet Kaur says:

    I have a query:

    Can a LLP give loan to a private company in which its designated partner is director cum shareholder holding 20% stake

  3. s k sinha says:

    can pvt. ltd company mortgaged companies property to bank to avail loan by another company as colletaral security.

  4. chetan says:

    Sir your planning of question 2 may be wrong in sec 185

  5. A K agrawala says:

    I have a question.

    ABC Pvt Ltd is presently availing loans from XYZ Bank.

    DEF Enterprises is a proprietorship firm where Mr. M is the proprietor. Mr. M is also a director of ABC Pvt Ltd.

    Now DEF Enterprises wants to avail bank loan from XYZ Bank. XYZ bank is asking for providing of guarantee of ABC Pvt Ltd. Can it be possible.

    • himanshi says:

      according to my knowledge it can give guarantee if it satisfy the condition as notified in notification on 5th june, 2015

  6. Shreya Murali says:

    Is Advance for expenses and travel advance considered as loan if yes can u give me the basis under which it will come as advance along with relevant literature?

  7. chandan kumar singh says:

    dear sir
    agr bank amp ho gya hai to Director ka son kya koi new company open kar sakta hai new rule and act se pls halp me

  8. I_Am_An_Indian says:

    need your advice. I have a Pvt. Ltd company called A. & My friend has also a pvt ltd called B. Now, I am a new company & want some investment from B. Company B also agree to invest on my company A. But both of us are unaware of rules. we need a simple rule or agreement where he can give money to me every month for 1 year & in return, I will give him some profit percent(eg. 20% of profit ) everymonth for 3 years. please guide us. regards, Subrat Dash

  9. Saugat Rana Magar says:

    Sir,
    Kindly guide on a situation where a subsidiary company is advancing loan to its holding company having common directors?
    Can we result this transaction?

  10. anand2ravi says:

    Seek your expertise on the following:
    Facts: 2 listed companies A and B, of which Company A wants to extend a corporate guarantee to Company B. The MD of Company A is a director in Company B.
    Query: If the Corporate Guarantee amount is within the limits specified under the Act, would it be sufficient if the Board of Company A approves the same?
    Is there any further requirement to be complied with.

  11. Ankur Maheshwari says:

    What was the last date of Settling the unsecured loans taken from the directors under section 185 of Companies Act, 2013?

  12. Efiling Services says:

    Can i give a loan to the company in which director is my relative u/s 185

  13. Nikhil Verma says:

    yes

  14. Nikhil Verma says:

    yes provided a special scheme is approved by SR approval

  15. RAJESH KUMAR SHAE says:

    can a private company give corporate guarantte to bank on behalf of other private company where directors of both the company are same

    • Nikhil Verma says:

      as per rule 10 only a wholly owned subsy can be given loan/security/guarantee by a holding co n that too if such amt is to be utilized for principal business..
      clarify more …if its a holding subsy relationship

      otherwise for a normal loan / security/ guarantee the max(present +Proposed) amt eligibility or ceiling limit is to be checked
      60% of paid up cap+ free res
      or 100 of free res which ever is higher

  16. Maneesh Aggrawal says:

    Loan is applied by a public limited company which holds 79% shareholding of a private limited company. This private limited company is property owner. Can this private limited co stand as guarantor/co-applicant to loan availed by its holding public limited company

  17. Nakul Kumar says:

    Can a Holding Company give loan to its Wholly Owned Subsidiary Company at free rate of interest under section 186(7) of the Companies Act, 2013

    Thanking You.

  18. ROHAN AGRAWAL says:

    can subsidiary company give loan to its holding company

    • Nakul Kumar says:

      Answer is Yes,

      As per section 185 of the Companies Act, 2013 is silent on loan given to the Holding Company by its subsidiary Company. So as per interpretation and on the basis of assumption Subsidiary Company can give loan to its Holding Company.

  19. prashantnt says:

    Can two Pvt Ltd company jointly purchase one property say shop/flat?

    Can bank grant loan to one of the company out of the above with corporate guarantee from another?

  20. Devansh Jani says:

    Dear Sir

    Please guide us on the same

    MR A and M/s ABC Pvt Ltd (Wherein Mr A is whole time director)has jointly availed a loan of ` 100 lakhs Common immovable property is offered as a security wherein property is owned by Mr. A

    Whether section 185 of companies Act will be applicable ?

  21. sonimoni says:

    plz calrify Manohar Motors Ltd. has a paid-up share capital of 10 crore and free reserves of
    5 crore. The Board of directors want to borrow a sum of 20 crore for its longterm
    capital requirements from the market. Discuss whether they can do so and if yes,
    what are the requirements under the Companies Act, 2013 which they have to comply
    with. under whic section it will come?

  22. sonimoni says:

    Manohar Motors Ltd. has a paid-up share capital of 10 crore and free reserves of
    5 crore. The Board of directors want to borrow a sum of 20 crore for its longterm
    capital requirements from the market. Discuss whether they can do so and if yes,
    what are the requirements under the Companies Act, 2013 which they have to comply
    with. under whic section it will come?

  23. S krishnan says:

    sir,

    Kindly clarify the below scenario :

    “A” company availed CC and LC facility(Rs 44 crore CC and 63 crore LC) from a bank during 2011, by providing prime security and corporate guarantee of associate companies “X” “Y” & “Z”, where the directors of “A” companies is also the directors.

    During Oct 2013 bank enhanced the CC and LC limit of company “A” (ie Rs 51 crore CC and 76 crore LC). the bank demands for corporate guarantee of associate companies “X” “Y” & “Z” will this corporate guarantee be valid as per Companies Act 2013 ?

  24. guru .s says:

    nice explanation sir

  25. Pushkar Bhola says:

    good clarification to understand the nity grity of the concept.

  26. Ravi k says:

    Very well explained… it clears all the doubts… thanks a lot

  27. Niraj Kumar Jaideoka says:

    It was really very well explained.thank you so much for the article.Request to keep updating us through such wonderful presentation.Regards

  28. Girish shankar says:

    Company A where there are 3 directors with equal shares wants to take a loan . Can we take Company B with same stakeholding as gaurantor for sanctioning the loan

  29. krunal says:

    Dear Sir

    Whether loan/ advance can be given to a partner of firm in which relative of director is partner? and if yes then which form needs to be filed at the end of the year at roc for outstanding loan/advance.

  30. pradeep says:

    nice explanations ,we would like to have these contributions

  31. laxmi says:

    Dear Sir,
    please also guide me on this also
    In your example 2 (Loan between Pvt companies), As per planning explain in point 1
    Mr B should resign from the post of Director of Company A and gift his shares to Mr A (gift of shares is tax free). They shall appoint another Director in the company.
    As B resigns and transfer the shares then the provisions of section 185 wont apply and company A would be able give loan to company B.
    In this case Mr. A will be holding 75% share in company B.
    Than how section 185 will not apply???????????????

  32. laxmi says:

    Dear Sir,
    as per your opinion in example 2 we can covert a private company i .e. A into LLP then we can easily give loan to Company B but is this not attract the provision of deposit as per section 73 (as this is a body corporate and accepting of loan or any other amount consider as deposit) please guide me further?

  33. sourav says:

    can a private company give loan to private company where directors of both the company are same//

  34. sourav says:

    can a private company give loan to another private company where the directors of both the company are same..

  35. Rajkumar says:

    A- limited company is availing finance from a co-op bank
    B- is a pvt limited company is offering its corporate guarantee to the bank on behalf of A
    Out of directors of A and B two directors are common in both companies and have majority stake in both Companies.
    If bank considers this whether it is in order or not

  36. Baboo Anto says:

    Can a private company give corporate guarantee to another company, if the director of the recipient company has more than 75% shares either in his personal name or through another company where he is majority share holder?. Pl be note that directors of lending company has neither shares nor are directors of recipient company and recipient company directors are not directors of lending company. The member who hold majority stake in lending company is a director in recipient company. Whether this violates sec 185 explanations “c” or “d”

  37. CA Karam Bir Lathwal says:

    really very good sir

  38. Kalpesh says:

    Sir,

    Please guide on situation wherein
    Company B and C are wholly owned subsidiaries of company A. Mr. X and Y are the directors in all three companies. Can Company B and C together provide guarantee to a loan being availed by holding company A?

  39. Pradip Joshi says:

    Excellant clarification.

  40. amit goyal says:

    whether loan given by subsidiary to it’s holding company would be covered u/s
    185.

  41. Emmanual Reddy says:

    I need 1 clarification.

    PVT Ltd. Company has 40 Employees, apart from relative can company lend loan to all its employees.

    Please suggest.

  42. CA. ASHISH ZANDI says:

    Dear Sir

    Can you provide your valuable suggestion on the following issue –

    In case A wholly owned Subsidiary Company provide security to the Lenders for extending financial assistance to its Holding Company.

    Please provide your views in light the provision of Co. Act 2013, Whether it can be possible and what are the ways ??

  43. Prince says:

    Company A is availing a loan from Bank. property belongs to company B is to be offered as security. Company A and Company B has got two common directors.

    Both the directors are resigning from company B.

    in this case can the bank accept the property of company B as security for a loan given to company A. Whether provisions of sec. 186 will hit.

  44. Manish says:

    How and where do we report for violation of Sec 185 & 186 in the Auditor’s Report?

  45. Lakhan says:

    How and where do we report for the contravention of Sec 185 & 186 in the Auditor’s Report?

  46. Jay Dokania says:

    Dear Sir,
    In your example 2 (Loan between Pvt companies), As per planning explain in point 1

    Mr B should resign from the post of Director of Company A and gift his shares to Mr A (gift of shares is tax free). They shall appoint another Director in the company.

    As B resigns and transfer the shares then the provisions of section 185 wont apply and company A would be able give loan to company B.

    In this case Mr. A will be holding 75% share in company B.
    Than how section 185 will not apply

    Pls clarify.

    Thanks

  47. K Balakrishnan says:

    Director of the company Aviling a loan form bank based on the eligibility of the company financial, company and other directors are coming as a co applicant in the loan deal , company is the repayer , need clarfication in the Sec 186 companies act

  48. Ajay says:

    If a ltd company is 50% partner in a partnership firm X and X is availing loan from a Financial Institution.

    Can the Ltd company give guarantee to the credit facility granted to partnership firm X by the FI?

  49. Varun Tandon says:

    In section 185 of the companies act of 2013 the proviso b says “ordinary course of business” which does not mean the primary business for which the company was incorporated. So is there any case law substantiating the argument?

  50. Yogesh Angadi says:

    “A” Holding company of “B”. (subsidiary)
    A is availing loan from bank.
    “B” is owning piece of land..
    Question : can “B” gives its piece of land as a security for availing loan to its holding company i.e “A”..

  51. C.M. Gupta says:

    Sir,

    One of my client has two companies A Pvt. Ltd. and B Pvt. Ltd. with common directors. Company A Pvt. Ltd. is availing loan from bank and B Pvt. Ltd. is giving guarantee (by giving security) to bank for A Pvt. Ltd.

    Is it permissible ? If yes what forms are required to submit in ROC?
    Any Special resolution is to be passed at board meeting ?

  52. CA. SHANKAR says:

    thanks for your detailed presentation

  53. poonam jain says:

    If there any contravention of Sec 185 if advance for property/goods/services is given to specified person u/s 185 on or before 12th Sep, 2013?

  54. M Kumar says:

    It’s a situation of my query-
    There are two companies-
    1. Co. “A”, a listed co
    2. Co. “B”, a pvt. co.

    Both the co’s have different directors.
    Co. “B” has shares of Co. “A”
    Now as per new act, Can Co. “B” is eligible to give loan to Co., “A”.?

  55. ANKITA says:

    What are the mandatory conditions that has to be satisfied by a Company before giving guarantee for a loan taken by one of its sister concern?

  56. GAurav says:

    @ Jyosthna

    Sorry but above transaction would fall under the perview of Section 185

  57. jyothsna says:

    A- limited company is availing with a bank
    B-pvt limited company is offering its property towards security and its guarantee to the bank on behalf of A 

    out of directors of A and B two directors are common in both companies

    If bank considers this whether it is in order or not

  58. CA Deepa Goyal says:

    A Ltd and B Ltd are partner in XYZ partnership firm. In addition to this relatives of Mr. Q and MR. R which are DIRECTORS in B ltd. are also partners in XYZ. Now both the companies are deciding to give guarantee to XYZ which is exceeding 60% of paid up capital and free reserves. Now my question is since the company A ltd and B ltd are giving guarantee being partner in XYZ whether they need to file special resolution u/s 186. Whether provision of section 185 will be applicable? Whether guarantee given in the mentioned case will convene any provision of companies act 2013?

  59. A K says:

    I do not understand where does the question of duty of auditor to qualify the report arises. Because loan given in violation of Co. Act 2013 does not affect the true and fair view of the BS. Subject to above, in BS such loans are specifically disclosed as per Schedule VI. Any violation of law does not require the auditor to qualify his report until and unless it is specifically asked by the statute or rules or in reporting format. The compulsory qualification arises if it affects the true and fair view of the accounts. Will the author substantiate his view in light of what has been discussed.

  60. Roshni Shah says:

    Dear Gaurav Sir & Roshan Sir,

    Greetings !!!

    Thank you so much for clarifying the doubt.

    Regards;
    Roshni Shah.

  61. Roshan says:

    Dear Roshni

    Looking the prima facie of fact of your case

    Company A can’t give the loan/guarantee/security to company B as there is not existence of holding and subsidiary company relationship.

    Apart from the above as Guarav stated in above article

    Option 1

    Mr A, B & C should resign from the post of Director of Company A and appoint another Director in the company. Mr A, B & C can gift his shares to other directors to tax liability.

    As Mr A B & c resigns and transfer the shares then the provisions of section 185 wont apply and company A would be able give loan to company B.

    OR

    2) Converting Company A into a LLP.

    OR

    3) Converting Company B into a Public Limited Company and Mr B reducing his shareholding in Company B to less than 25%.

    Moreover, if you don’t want to convert Company B into Public ltd. co. then after resigns of Mr. A & B, you can also became company B a subsidiary of Company A then results are as follows:

    Section 185 Exempts loan between Holding Company and Subsidiary Company.

    (1) Any loan made by a holding company to its wholly owned subsidiary company or any guarantee given or security provided by a holding co in respect of any loan made to its wholly owned subsidiary co is exempted from the requirements under this section; and

    (2) Any guarantee given or security provided by a holding company in respect of loan made by any bank or financial institution to its subsidiary company is exempted from the requirements under this section.

    With Regards
    CA Roshan
    9913313039

  62. GAurav says:

    @ Shailesh Singh

    No company cannot give loans at rate of interest lower than the prevailing yield of one year, three
    year, five year or ten year Government Security closest to the tenor of the loan.

  63. GAurav says:

    @ K Bala Ji

    Sir if there are no common director or interested Directors then provisions of section 185 wont be applicable.

    However Limit U/s 186 has to be adhered to

  64. GAurav says:

    @ Roshni Shah

    I Fear but section 185 doesnt give exemption in case of Joint Venture Companies. You have to alter the The common directors and then i guess u can.

  65. GAurav says:

    @ All

    Thank you for a word of praise 🙂

    It keeps me motivated

  66. s.v shah says:

    Very Informative article. Good job Gaurav.
    Do keep sharing other provisions of Companies Act 2013 with examples.

    Will really benefit to a lot of professionals.

  67. Roshni Shah says:

    Co A (Closely held public co.) Co B (Pvt co- J.V.)
    Name Director Share holder Name Director
    Mr A Yes 39% Mr A Yes
    Mr B Yes 38% Mr B Yes
    Mr C Yes 19% Mr C Yes
    Mr D Yes 4% Mr X Yes

    – Share holders of B Co. are Company A and XYZ ltd – a foreign company (this is a J.V. – 50%/ 50% share holding ratio)

    Can Company A give loan/ guarantee/ security to Company B ? How ? If can’t, then what alternatives are available ?

    Thank you so much sir..

  68. K.Balasubramaniam says:

    sir, it is very good. Kindly let me know that the provisions of section 185 are applicable to inter corporate loans/investments in which there are no common directors/shareholders.

  69. K.Balasubramaniam says:

    Sir, it is very good. Kindly let me know whether provisions of Sec 185 are applicable to the inter corporate loans/investments where there are no common directors.

  70. CA Prasenjit PAul says:

    Very nice contribution

  71. Jenish says:

    Dear sir, can you please elaborate clause (e) of section 185 as there is some ambiguity about the definition of term “accustomed to act”

  72. Shailesh Singh says:

    There are many corporate providing loan to employees at lower rate. Does this ammendment in 186 also required companies to ammmend their loan policy to bring the interest rate as mentioned in 186

  73. Rahulkumar .A. Singh says:

    Really very nice

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