Intercorporate loan under section 186

[RAJI SACHIN]

Dear all,

The company is providing intercorporate loan to another company in excess of the limits stated in the section 186 of the companies act 2013. We need to conduct board meeting to set a threshold  limit and thereafter  conduct eogm. Approving the limit in excess of limit specified in section 186 with the consent of members.both the Company  has same directors. 

1. Now my concern is the ceiling limit of loan is 50 lacs and loan given to company  is 20 lacs. Do we need to mention both the amount in mgt 14. Or only the ceiling limit need to be mentioned in Form. 

 

1. Is board resolution sufficient  for the loan given to the company amounting  20 lac. Do we need  to mention about the loan portions every time we grant loan to the company within the limit I.e. 50 lac. 

2. Do we need to file mgt 14 everytime for providing loan within the limit of rs. 50 lac. Or if one time approval from shareholders are sufficient?

3. Board resolution is needed for providing loan and interest rate in parts till the ceiling limit is attained while granting loan

Thanks & Regards,

Raji sachin

[RAJI SACHIN]

Dear members,

Any idea regarding  the matter

[CS Nagpur]

1. Now my concern is the ceiling limit of loan is 50 lacs and loan given to company  is 20 lacs. Do we need to mention both the amount in mgt 14. Or only the ceiling limit need to be mentioned in Form. 

- I guess only the ceiling limit is sufficient. 

 

1. Is board resolution sufficient  for the loan given to the company amounting  20 lac. Do we need  to mention about the loan portions every time we grant loan to the company within the limit I.e. 50 lac. 

- Yes BR sufficient, Also mention it its within limit 

2. Do we need to file mgt 14 everytime for providing loan within the limit of rs. 50 lac. Or if one time approval from shareholders are sufficient?

- its one type approval til the limit not cross no required for New MGT 14.

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