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V.S. Datey on Companies Act, 2013
  • Exemption to Private Company

    by Rutu on Tuesday, May 19, 2020 at 05:00 PM

    Section 185 shall not apply to a private co(a) in whose share capital no other body corporate has invested any money(b) if the borrowings of company from banks or financial institutions or any body corporate is less than twice of its PSC or fifty crore rupees, whichever is lower(c) such a company has no default in repayment of such borrowings subsisting at the time of making transactions under this section. Is this exemption still available as in 2017 amendment act whole section is substituted?

    Replied byV.S. Datey Wednesday, May 20, 2020 at 09:54 AM

    but that exemption is continuing The restrictions under section 185 of Companies Act, 2013 are not applicable to a private company (a) in whose share capital other body corporate has not invested any money (b) which has borrowings from banks and FI or any body corporate not more than twice of their paid up capital or Rs 50 crores (whichever is lower) and (c) The private company is not in default in repayment of such borrowings – MCA Notification dated 5-6-2015 issued under section 462 of Companies Act, 2013. V S Datey

 
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