Approval of Central Government under section 295 not required for purpose of grant of house building loan to managing directors/whole-time directors

House building loan exemption: companies may grant loans to managing directors on employee terms without prior government approval.

Companies may grant house building loans to managing directors and whole time directors without prior Central Government approval if the loans are made on the same terms and conditions as those applicable to the company's officers and employees; if no such officer scheme exists or the proposed loan falls outside those terms, prior government approval is required.