Sourav Chatterjee (Management Trainee) (171 Points)
17 March 2012Dear all,
Please tell me if one Private Company gives loan to other Public Company and both the Companies are under the same management as defined under Section 370 of the Companies Act 1956, what are the Sections that are attracted?
Awaiting for an early reply.
Sonam Bidasaria
(CA)
(770 Points)
Replied 19 March 2012
Sec 292(1)(e), Sec 299 and Sec 301 are attracted.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 20 March 2012
The provision of Section 372A relatign to Inter-Corporate Loans & Investments will be attracted.
Ms Sonam could you explain how the provision of section 299 & 301 would be attracted as there is no director involved in the transaction.
CAclubindia
