https://www.taxtmi.com/acts?id=31732 A company is prohibited from advancing loans, guarantees or securities to directors, their relatives, firms in which they are partners, or other persons in whom a director is interested, except where a special resolution with full disclosure is passed and the borrowing is used for the borrowing company's principal business; specified exceptions (service conditions, ordinary lending business with prescribed interest, intra-group wholly owned subsidiary arrangements, and bank-financed subsidiary guarantees) apply; contravention attracts corporate fines and imprisonment and/or fines for officers in default and recipient directors or persons. en-us Thu, 04 Jan 2018 18:50:16 +0530 Thu, 04 Jan 2018 18:50:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=31732 A company is prohibited from advancing loans, guarantees or securities to directors, their relatives, firms in which they are partners, or other persons in whom a director is interested, except where a special resolution with full disclosure is passed and the borrowing is used for the borrowing company's principal business; specified exceptions (service conditions, ordinary lending business with prescribed interest, intra-group wholly owned subsidiary arrangements, and bank-financed subsidiary guarantees) apply; contravention attracts corporate fines and imprisonment and/or fines for officers in default and recipient directors or persons. Act-Rules F. Acts / Amendment Acts Thu, 04 Jan 2018 18:50:16 +0530 https://www.taxtmi.com/acts?id=31732