Section 185- Loan, Guarantee & Security to Director & related parties

> No Body Corporate has invested any money in paid up share capital of the private company;

> Borrowing of the private company shall not exceed twice the paid up share capital or Rs. 50 Crore, whichever is lower and

> No subsisting default of repayment of borrowings

> Loan given to Director or his relative (in capacity of member) + Disclosure in  Annual Accounts

> To grant Loan, Guarantee or Security to Directors or related persons

> To approve Notice of General Meeting, Date , Time and venue of the meeting

> To authorise Director or CS to implement necessary acts so required

Notice of General Meeting shall include-

> Particulars of Loan, Guarantee or Security

> Explanatory statement u/s 102

> CTC of SR

> Consent of Shorter notice (if applicable)

> Every Officer in default:- Imprisonment up to 6 months or with fine of Rs. 5 lacs or up to Rs. 25 lacs

> Director or person to whom the loan is granted or guarantee or security is provided : Imprisonment up to 6 months or with fine of Rs. 5 lacs or up to Rs. 25 lacs or with both