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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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Divesh Goyal

As per Section 185no company shall, directly or indirectly, advance any loan, to any of its directors or to any other person in whom the director is interested or provide any "security" in connection with "any loan taken by him" or such other person. If security given for the loan taken by director will attract section 185. But security deposit given to director for taking his premises on rent will not attract section 185.

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