https://www.taxtmi.com/acts?id=30789 Section 185 is replaced to prohibit companies from advancing loans, giving guarantees, or providing securities to directors, relatives, firms of directors, or persons in whom a director is interested, except where a special resolution is passed with full disclosure and the loans are used for the borrowing company's principal business; the provision defines related persons and lists exemptions including service conditions for managing directors, member approved schemes, ordinary course lenders at market rates, and holding company to wholly owned subsidiary financing; contraventions attract prescribed corporate and individual sanctions including imprisonment and fines. en-us Tue, 01 Aug 2017 18:17:53 +0530 Tue, 01 Aug 2017 18:42:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=30789 Section 185 is replaced to prohibit companies from advancing loans, giving guarantees, or providing securities to directors, relatives, firms of directors, or persons in whom a director is interested, except where a special resolution is passed with full disclosure and the loans are used for the borrowing company's principal business; the provision defines related persons and lists exemptions including service conditions for managing directors, member approved schemes, ordinary course lenders at market rates, and holding company to wholly owned subsidiary financing; contraventions attract prescribed corporate and individual sanctions including imprisonment and fines. Act-Rules Bills Tue, 01 Aug 2017 18:17:53 +0530 https://www.taxtmi.com/acts?id=30789