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of <h1>Exempted Companies Must Comply with Section 370(1) for Loans if Exemption Ends; Six-Month Compliance Period Allowed.</h1> Exempted companies are not required to comply with section 370(1) for inter-corporate loans, guarantees, or securities unless they lose their exempt status. When a private company becomes public, a banking company ceases its operations, or a holding company loses its status, the exemption under section 370(2) ends. In such cases, compliance with section 370(1) is necessary for continuing these financial arrangements. The Company Law Board allows six months for compliance from the date of exemption cessation or the circular's issuance, requiring a special resolution or approval from the Central Government or Company Law Board.
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