Advance to director for purchase of property
Akansha jain (CA) (156 Points)
16 December 2023
can NBFC give advance to its director against the purchase of property ?
4 Replies
Radhey Shyam Jha
(Student)
(1616 Points)
Replied 17 December 2023
Case-1: Advance > 5 Cr with the approval of BoD
Case-2: Advance < 5 Cr without approval of BoD but to be reported to the BoD
Case-2: Advance < 5 Cr without approval of BoD but to be reported to the BoD
sabyasachi mukherjee
(27574 Points)
Replied 17 December 2023
As per boards resolutions and dep depending upon the share capital and Anwar of the company which subsequent approval of the existing directors
Chirag
(Professional)
(1979 Points)
Replied 22 December 2023
If it's in the OCB of Nbfc then can be given else provision of section 185 to be followed
sabyasachi mukherjee
(27574 Points)
Replied 30 December 2023
No there are other provisions subject to memorandum and articles of association.
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