https://www.taxtmi.com/circulars?id=10789 When an exempted lending company ceases to fall within the exemption in sub section (2) of section 370, the exemption ends and section 370(1) becomes applicable to any loans, guarantees or securities continued thereafter; companies must therefore either pass the special resolution or obtain approval or an extension from the competent authority to regularise such continuing transactions within a specified administrative grace period. en-us Tue, 19 Nov 1968 00:00:00 +0530 Fri, 17 Jun 2011 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10789 When an exempted lending company ceases to fall within the exemption in sub section (2) of section 370, the exemption ends and section 370(1) becomes applicable to any loans, guarantees or securities continued thereafter; companies must therefore either pass the special resolution or obtain approval or an extension from the competent authority to regularise such continuing transactions within a specified administrative grace period. Circulars Companies Law Tue, 19 Nov 1968 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10789