Companies Act lending restriction expanded to cover limited liability partnerships under the amended related-party prohibition. Section 185 of the Companies Act, 2013 is amended by inserting the words "or limited liability partnership" after the words "any firm" in sub-section (1), ... Summary
Companies Act lending restriction expanded to cover limited liability partnerships under the amended related-party prohibition.
Section 185 of the Companies Act, 2013 is amended by inserting the words "or limited liability partnership" after the words "any firm" in sub-section (1), clause (b). The amendment expands the existing prohibition or restriction in that clause so that the relevant provision applies not only to a firm, but also to a limited liability partnership.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.