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Substitution of section 185.

Clause 61 - Bills - THE COMPANIES (AMENDMENT) BILL, 2017 - COMPANIES (AMENDMENT) BILL, 2017 - Clause 61 - 61. For section 185 of the principal Act, the following section shall be substituted, namely:- Loans to directors, etc.

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company, or of a company which is its holding company or any partner or relative of any such director; or (b) any firm in which any such director or relative is a partner. (2) A company may advance any loan including any loan re .....

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ssed by the company in general meeting: Provided that the explanatory statement to the notice for the relevant general meeting shall disclose the full particulars of the loans given, or guarantee given or security provided and the purpose .....

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tivities. Explanation.-For the purposes of this sub-section, the expression "any person in whom any of the director of the company is interested" means- (a) any private company of which any such director is a director .....

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) any body corporate, the Board of directors, managing director or manager, whereof is accustomed to act in accordance with the directions or instructions of the Board, or of any director or directors, of the lending company. (3) Nothing c .....

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rsuant to any scheme approved by the members by a special resolution; or (b) a company which in the ordinary course of its business provides loans or gives guarantees or securities for the due repayment of any loan and in respect of such l .....

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wned 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; or (d) any guarantee given or security provided by a holding company in respect of .....

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