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          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

          Provisions expressly mentioned in the judgment/order text.

          <h1>Loans to directors restricted; special resolution and principal business use required or penalties for contravention.</h1> A company is prohibited from advancing loans, guarantees or securities to directors, their relatives, firms in which they are partners, or other persons in whom a director is interested, except where a special resolution with full disclosure is passed and the borrowing is used for the borrowing company's principal business; specified exceptions (service conditions, ordinary lending business with prescribed interest, intra-group wholly owned subsidiary arrangements, and bank-financed subsidiary guarantees) apply; contravention attracts corporate fines and imprisonment and/or fines for officers in default and recipient directors or persons.

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