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of <h1>Exempt Companies Not Required to Seek Company Law Board Approval for Loans After Losing Exemption Status u/s 370.</h1> The circular addresses whether exempted companies must comply with sub-section (1) of section 370 regarding loans, guarantees, or securities after losing their exemption status. It clarifies that the provisions of section 370 do not apply to loans made, guarantees given, or securities provided by these companies even after they cease to be exempt. Therefore, there is no requirement for such companies to seek approval from the Company Law Board for the continuation of these financial arrangements once their exemption ends.
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