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Amendment of section 186

Section 62 - Acts - Finance Act - Section 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" .....

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ich guarantee or security so far provided to or in all other bodies corporate along with the investment, loan, guarantee or security proposed to be made or given by the Board, exceed the limits specified under sub-section (2), no investment or loan s .....

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ny to its wholly 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-se .....

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ction shall be substituted, namely:- "(11) Nothing contained in this section, except sub-section (1), shall apply- (a) to any loan made, any guarantee given or any security provided or any investment made by a banking company, or an insurance co .....

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- (i) made by an investment company; (ii) made in shares allotted in pursuance of clause (a) of sub-section (1) of section 62 or in shares allotted in pursuance of rights issues made by a body corporate; (iii) made, in respect of investment or lendin .....

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