Exemption status for company liabilities: no approval required to continue loans, guarantees or securities after exemption ends. The Department advised that transactions (loans, guarantees or securities) made or provided by companies while exempt under section 370(2) remain outside the operative scope of section 370 after the exemption ceases, and therefore Company Law Board approval is not required to continue such instruments.
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Provisions expressly mentioned in the judgment/order text.
Exemption status for company liabilities: no approval required to continue loans, guarantees or securities after exemption ends.
The Department advised that transactions (loans, guarantees or securities) made or provided by companies while exempt under section 370(2) remain outside the operative scope of section 370 after the exemption ceases, and therefore Company Law Board approval is not required to continue such instruments.
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