TaxTMI 
TaxTMI 
whether section 292 is also applicable on private company
when loan given by a private co. to a firm(in which director is a partner of a firm)
then what formalities should follow by a private company and firm
??
292. CERTAIN POWERS TO BE EXERCISED BY BOARD ONLY AT MEETING
24 Feb 2012 
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Board meeting powers: applicability to private companies and formalities for loans involving director-partners require review under updated statutory framework.
Whether certain powers must be exercised by the board only at a meeting is queried for private companies and for loans by a private company to a firm in which a director is a partner; the response directs that the updated statutory framework has come into force and should be consulted to determine applicability and required formalities. (AI Summary)
Whether certain powers must be exercised by the board only at a meeting is queried for private companies and for loans by a private company to a firm in which a director is a partner; the response directs that the updated statutory framework has come into force and should be consulted to determine applicability and required formalities. (AI Summary)
