TMI BlogSubstitution of new section for section 185.X X X X Extracts X X X X X X X X Extracts X X X X ..... ctly, advance any loan, including any loan represented by a book debt to, or give any guarantee or provide any security in connection with any loan taken by,- (a) any director of 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 inclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection, 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 or member; (b) any body corporate at a general meeting of which not less than twenty-five per cent. of the total voting power may be exercised or controlled by any such director, or by two or more such directors, together; or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year, three years, five years or ten years Government security closest to the tenor of the loan; or (c) 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; or (d) any guarantee given or security provided by a holding company in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oan is advanced or guarantee or security is given or provided in connection with any loan taken by him or the other person, shall be punishable with imprisonment which may extend to six months or with fine which shall not be less than five lakh rupees but which may extend to twenty-five lakh rupees, or with both. . - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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