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of <h1>Section 186 Amended: Companies Require Special Resolution for Major Transactions; Multiple Exemptions Apply</h1> The Companies (Amendment) Act, 2017 modifies section 186 of the principal Act concerning loans, investments, guarantees, and securities by companies. It clarifies that 'person' excludes company employees and requires special resolution authorization for transactions exceeding specified limits, except for wholly owned subsidiaries or joint ventures. The company must disclose such transactions in financial statements. Exemptions are provided for banking, insurance, housing finance companies, and companies financing industrial enterprises or providing infrastructure. Investment companies, rights issues, and non-banking financial companies focused on securities acquisition are also exempt. A company is deemed primarily engaged in securities acquisition if such investments or income constitute at least 50% of its assets or income.
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