TMI BlogLoans, etc., to companies under the same management.X X X X Extracts X X X X X X X X Extracts X X X X ..... ecessary in the case of loans made to other bodies corporate not under the same management as the lending company where the aggregate of such loans does not exceed [3] [such percentage of the aggregate of the subscribed capital of the lending company and its free reserves as may be prescribed]: Provided further that the aggregate of the loans made to all bodies corporate shall not exceed without the prior approval of the Central Government (a) [4] [such percentage of the aggregate of the subscribed capital of the lending company and its free reserves as may be prescribed] where all such other bodies corporate are not under the same management as the lending company; (b) [5] [such percentage of the aggregate of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by such other person to, or to such other person by, a body corporate under the same management.] [10] [(1B)] [11] [For the purposes of sub-sections (1) and (1A)] two bodies corporate shall be deemed to be under the same management ___ (i) if the [12] [* * *] managing director or manager of the one body, [13] [* * *] is (a) [14] [* * *] managing director or manager of the other body; or [15] [(b) * * *] [16] [(c) * * *] (ii) if a majority of the directors of the one body constitute, or at any time within the six months immediately preceding constituted, a majority of the directors of the other body; [17] [or] [18] [(iii) if not less than one-third o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been given or security has been provided in connection with a loan made by any other person to, or to any other person by, any body corporate or firm referred to in sub-section (1) or (1A) together with the name of the person, body corporate or firm. (1D) Particulars of [21] [every loan, guarantee or security referred to in sub-section (1C)] shall be entered in the register aforesaid within three days of the making of such loan, or the giving of such guarantee or the provision of such security or in the case of any loan made, guarantee given or security provided before the commence ment of the Companies (Amendment) Act, 1960 (65 of 1960), within three months from such commencement or such further time not exceeding six months as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [or] (iv) by a private company, unless it is a subsidiary of a public company; [27] [or] (v) by a company established with the object of financing industrial enterprises;] (b) any guarantee given or any security provided ___ (i) by a holding company in respect of any loan made to its subsidiary; or [28] [(ii) * * *] [29] [(iii) by a banking company, or an insurance company, in the ordinary course of its business; or (iv) by a private company, unless it is a subsidiary of a public company; or (v) by a company established with the object of financing industrial enterprises.] (3) Nothing in this section shall apply to a book d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g company" omitted by the Companies (Amendment) Act, 1965, Act 31 of 1965, section 46, w.e.f. 1-4-1967. [2] Inserted by the Companies (Amendment) Act, 1965, 31 of 1965, section 46, [3] Substituted by the Companies (Amendment) Act, 1988, section 50 w.e.f. 17-4-1989, for the words "ten per cent of the aggregate of the subscribed capital of the lending company and its free reserves". [4] Substituted by the Companies (Amendment) Act, 1988, section 50, w.e.f. 17-4-1989, for the words "thirty per cent of the aggregate of the subscribed capital of the lending company and its free reserves". [5] Substituted for the words "twenty per cent of the aggregate of the subscribed capital of the lending company and its free reserves". By the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , secretaries and treasurers redundant after abolition of the system by Act 17 of 1969, w.e.f. 3-4-1970. These should also have been omitted. [16] Reference to managing agent, secretaries and treasurers redundant after abolition of the system by Act 17 of 1969, w.e.f. 3-4-1970. These should also have been omitted. [17] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 135. [18] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 135. [19] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 135. [20] Inserted by the Companies (Amendment) Act, 1965, Act 31 of 1965, section 46, w.e.f. 1-4-1967. [21] Substituted by the Companies (Amendment) Act, 1965, Act 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
