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of <h1>Section 185 of Companies Act: Loan Restrictions on Directors and Related Parties, with Exceptions via Special Resolution</h1> Section 185 of the Companies Act, 2013 prohibits companies from directly or indirectly advancing loans, providing guarantees, or securities to directors or related parties. However, exceptions exist if a special resolution is passed, and the loan is used for principal business activities. The section outlines specific relationships and entities where directors have interests. Exemptions include loans to managing directors under certain conditions, loans in the ordinary course of business, and loans to wholly owned subsidiaries. Violations result in fines for the company and potential imprisonment or fines for responsible officers and directors.
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