(a) In its capital no other body corporate has invested any money, i.e., its shareholder does not include any body corporate;
(b) If the borrowings of the lending company from banks or financial institutions or any body corporate more than or equal to twice its paid up capital or Rs. 50 crores, whichever is lower; and
(c) Such a company is not in default in repayment of such borrowings subsisting at the time of making transactions under this section
CAclubindia
