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guarantee given for another co under sec 185
when the shareholding of any company (let say ABC Pvt Ltd) is held with other 4 private companies. in view of the same if these 4 shareholding Pvt Ltd companies are giving guarantee for the loan taken by ABC Pvt Ltd. whether this will breach the sec 185/186 of the companies act. it is important to submit that the loan shall be used for the business activities of ABC Pvt Ltd.
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As per the amended provisions of the Companies Act 2013, a body corporate or Company can give gurantee to the other Company by passing the special resolution in the general meeting but provided 95 percent of the total voting power must be controlled by such Director or by 2 or more director together.
is there any defined format of special resolution to be passed by holding co.
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