09 January 2015
Section 185(1) provides that no company directly or indirectly shall advance any loan to 1. Any private company in which director of lending company is a director or member or 2. Any body corporate in which not less than 25% of total voting power controlled or exercised by director or by two or more director of lending company together, or 3. Any body corporate in which Board of directors, managing director or manager act accordance with the direction or instructions of the board, or of any director or directors of the lending company
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