URGENT QUERY

[ankits...@gmail.com]

Dear All,

I have following query :-

There are 8 companies in which directors are same and the company has given loan to directors now what are the alternative available in this case. 

Further, Companies also has given loans to the other group companies now what is the alternative available for the same.

pl reply on urgent basis.

wbr,

Ankit

[sujeet kumar]

Repay all loans ASAP.

Ref: Sec - 185 & applicable Rules.

Regards

Cs Sujeet Kumar

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[Ankit Dinesh Sethi]

Dear sir yeah sec 185 will be applicable but any other alternative other then repaying loans

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[K S R K PRADEEP KUMAR]

Dear Mr. Ankit,

There are two sections applicable here....

1. Section 185 : if such loan is come under the perview of section 185, it is a prohibiting nature, then the Company can not grant a loan, if already granted pls take back or face the penal provisions.

2. Section 186 : if such loan is covered / come under the perview of section 186, it is not a prohibiting one and it is a resticting one, the the company can grant a loan if it is with in the limit like 60 % or 100% by passing Board resolution otherwise can grant with approval of members.

This is my opinion and i request the members to correct me if i am wrong.

Regards,

Pradeep

[Ankit Sethi]

Thanks Mr. Pradeep for your valuable suggestions....

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Best Regards,

CS Ankit Dinesh Sethi

Mobile: +91-8655682736 & 8080056171

Email: ankits...@gmail.com

                csanki...@gmail.com

                                                

[manjul mishra]

Dear Ankit,
Section 185 prevails over section 186, as 185 is a specific provision, it will overide over the general one. As section 185 prohibits for such transaction.