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Section 295

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(Querist)
11 June 2011 Director of Ltd company has applied for loan with NBFC. company is joining as co-applicant / guarantor to the loan.
Should the company get Central Govt clearance
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CA Suresh Jain

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CA Suresh Jain (Expert)
12 June 2011 The section 295 is not applicable to
any loan made, guarantee given or security provided-

(i) by a private company unless it is a subsidiary of a public company, or

(ii) by a banking company;
and therefore, Central Gove permission is required. sureshjain.nj@gmail.com
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Bharath Kumar

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Bharath Kumar (Querist)
13 June 2011 Would request views of other members also
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