Section 185(1) of Companies Act 2013 primarily deals with the subject; Person to whom Company cannot give loan/ guarantee/ security. It basically covers individuals and firms: It states that, A Company shall not, directly or indirectly, advance any loan (including book debt) or give any guarantee or provide any security in connection with any loan […]
Board and Members meeting acts as a platform in proposing actions and mounting decisions. It is a place where they unite together to discuss and decide on how to lead an organisation in a best governed manner.
Companies Act, 2013 is a landmark legislation with a far reaching impact on all companies incorporated in India. The act is more outward looking and has been developed with a motive to keep in align with the international requirements. It is expected to set the tone for a more modern legislation which enables growth and prospects in the corporate sector in India.
Company Legislation in India started with the Joint Stock Companies Act, 1850 which was based on the England Corporate Law, 1844. The act provided for the incorporation of the Company without obtaining a Royal Charter or Sanction by a Special Act of Parliament.
