IS IT MANDATORY FOR THE PRIVATE LIMITED COMPANY TO HAVE A CLAUSE IN MOA FOR PROVIDE CORPORATE GUARANTEE TO ANOTHER PVT LTD COMPANY
3 Replies
SkDash
(CS (Member) CWA (Final))
(909 Points)
Replied 14 November 2013
No.
Act itself permitted companies to give CG (Corporate Guarantee) to others within the limit and hence i feel, it is not required to mentione specifically in the MOA.
CS Smriti Sharma
(ACS, B Samrish & Co.)
(880 Points)
Replied 14 November 2013
Section 372A is not applicable to private company.But sometimes bank insist on having corporate guarantee clause in MOA. It is not required under Companies Act but insisted by some banks.
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