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V.S. Datey on Companies Act, 2013
  • Loans in existence at the time of appointment of Director

    by Karan on Thursday, January 02, 2020 at 12:20 PM

    Dear Sir, Listed Company has advanced inter-corporate loan to group private limited company from year 2009 to 2016. There was no common Director at the time of granting such loan. Now one Director who is on Board of Listed Company has been appointed on Board of Private Limited Company to whom such loans has been granted. By virtue of appointment, section 185 is attracted for loans already granted. What can be done in such situation ?

    Replied byV.S. Datey Thursday, January 02, 2020 at 04:49 PM

    really any subsequent change cannot affetc transactions done earlier even section 185 lakkhs of loans to be given and not already given long ago Disclosure in Board and board report should be sufficient V S Datey

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