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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Companies Law Sec 370: Loan Conditions Simplified-No Special Resolution Needed If Loans Stay Within 30% Capital Limit.</h1> Section 370 of the Companies Law, under Rule 11B of the Companies (Central Government's) General Rules and Forms, 1956, outlines conditions for lending by companies. No special resolution is needed for loans to unrelated corporate bodies if the total does not exceed 30% of the company's subscribed capital and free reserves. Loans to all corporate bodies, whether under the same management or not, require Central Government approval if exceeding 30% of the capital and reserves. Companies defaulting on deposit repayments cannot make loans or guarantees under this section until defaults are resolved.
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