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Whether Security Deposit given to Director for taking his premises on rent will attract section 185? Pl. Guide Thanks in Advance

Section 185- Loan to directors, etc.

Posted By: Himanshu 8 year(s) ago

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    Shivam Singhal

Yes, it attract section 185 but not applicable in case of private company if- a) In share capital of private company, no other body corporate has invested any money and, b) If the borrowings of such company from banks/ Financial Institutions/ body corporate is less than twice of its paid-up capital or Rs. 50 Crore (Whichever is lower) and, c) Company has no default in repayment of such borrowings. and also not applicable in case of public company, if- loan given to a M.D or W.T.D as part of conditions of service or Approved by a Special Resolution.

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Expert    Ankit Singhi

whether security advance was paid by the company directly or it is given to the director and whether such payment is covered the terms of employment of the director.

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