https://www.taxtmi.com/acts?id=30790 Where aggregate existing and proposed loans, investments, guarantees or securities exceed statutory limits, no further transactions may be made unless previously authorised by a special resolution in a general meeting; such transactions must be disclosed in the financial statements. The term person excludes employees. Exemptions include ordinary-course activities of banks, insurers, housing finance companies, industrial/infrastructure financing companies, investment companies, certain share allotments and registered non-banking financial companies principally engaged in acquisition of securities. A company is principally engaged in securities acquisition if such investments or investment income constitute at least fifty per cent of assets or gross income. en-us Tue, 01 Aug 2017 18:18:20 +0530 Wed, 02 Aug 2017 11:55:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=30790 Where aggregate existing and proposed loans, investments, guarantees or securities exceed statutory limits, no further transactions may be made unless previously authorised by a special resolution in a general meeting; such transactions must be disclosed in the financial statements. The term person excludes employees. Exemptions include ordinary-course activities of banks, insurers, housing finance companies, industrial/infrastructure financing companies, investment companies, certain share allotments and registered non-banking financial companies principally engaged in acquisition of securities. A company is principally engaged in securities acquisition if such investments or investment income constitute at least fifty per cent of assets or gross income. Act-Rules Bills Tue, 01 Aug 2017 18:18:20 +0530 https://www.taxtmi.com/acts?id=30790