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Loan from one Pvt. Co to another with common Director to the tune of 20 Cr under CA 1956. Exempted under Sec 295 then but covered under 185 now. Can the company continue the loan?. Will the position be different if person became the Director of the borrowing company after the transaction?.

Section 185- Loan to directors, etc.

Posted By: Lalitha kannan 10 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

Yes any loan given before 1st April 2014 can be continued but no fresh loan can t be given

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