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Can a Private limited company gives loans to a partnership firm in which one of the directors of its holding company are partner.

Section 185- Loan to directors, etc.

Posted By: Kamlesh 9 year(s) ago

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    Anupama

Section 185 applies for loans to firms in which director of the lending company or his relative is partner. In the present case it is given that the director of holding company is partner in the firm. Hence the provisions of sec. 185 will not apply in this case.

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    sarada

Section 185 - Loan to Directors Shall not apply to a private company -(if and only if) in whose share capital no other body corporate has invested any money; if the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is lower; and such a company has no default in repayment of such borrowings subsisting at the time of making transactions under this section

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    Ravindra Agarwal

Yes, but to ensure the following criteria: 1. No body corporate is shareholder in such private company; and 2. That borrowing form Banks, Financial Institution and Other Body Corporates should not be more than twice of paid up capital or fifty crore, whichever is lower; and 3. That such a company has not defaulted in repayment of above borrowings. Also read the provision of Section of 186 (Loan and Investment made by Company).

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