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Amendment of section 186.

Rule 62 - Bills - Bill - Rule 62 - 62. In section 186 of the principal Act,- (i) in sub-section (2), the following Explanation shall be inserted, namely:- 'Explanation.-For the purposes of this sub-section, the word "person" does not include any individual who is in the employment of the company.'; (ii) for sub-section (3), the following sub-section shall be substituted, namely:- '(3) Where the aggregate of the loans and investment so far made, the amount for which guarante .....

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olly owned subsidiary company or a joint venture company, or acquisition is made by a holding company, by way of subscription, purchase or otherwise of, the securities of its wholly owned subsidiary company, the requirement of this sub-section shall not apply: Provided further that the company shall disclose the details of such loans or guarantee or security or acquisition in the financial statement as provided under sub-section (4). . (iii) for sub-section (11), the following sub-section shall .....

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