Deepti Aggarwal (Assistant Company Secretary) (143 Points)
19 June 2012Can anyone plz tell me the prescribed percentage of paid up share capital and free reserves that is allowed for giving loans and making investments by purchase of shares u/s 370 and 372......its very urgent..
CS Mitesh Mehta
(Company Secretary)
(17139 Points)
Replied 20 June 2012
By the Companies (Amendment) Act, 1999, section 370 & 372 have been rendred inoperative.
sangram ghatge
(company secretary in practice)
(198 Points)
Replied 20 June 2012
dear dipti,
section 372A: its 100% of free reserves or 60% of paid up capital & free reserves, whichever is more.
its applicable to public companies only.
regds,
sangram 9422622828.
CAclubindia
