Rule 10 - Loans to Director etc. under section 185 (Omitted) - Companies (Meetings of Board and its Powers) Rules, 2014

1 [***] -------------------- Notes:- 1. Substituted vide Not. 1/32/2013- CL-V Part - Dated 18-3-2015 , before it was read as, principle 2. Omitted vide Not. G.S.R. 971(E) - Dated 14-12-2015 before it was read as, 10. Loans to Director etc. under section 185 .- (1) Any loan made by a holding company to its wholly owned subsidiary company or any guarantee given or security provided by a holding company in respect of any loan made to its wholly owned subsidiary company is exempted from the requirements under this section; and (2) Any guarantee given or security provided by a holding company in respect of loan made by any bank or financial institution to its subsidiary company is exempted from the requirements under this section: Provided that such loans made under sub-rule (1) and (2) are utilised by the subsidiary company for its 1 [principal] business activities.